Despite multiple migrations, PancakeSwap v3’s transactions declined in May. CAKE’s state was also concerning, as metrics were bearish.
CAKE’s price action last month did not align with investors’ interest as it continuously registered declines. In the last seven days alone,’s price has plummeted by over 8%. At the time of writing, it was trading at $1.58, with a market capitalization of over $320 million.
CAKE’s MVRV Ratio remained low during the majority of the days last month, thanks to the price drop. Excluding 26 May, the token’s velocity also remained low. However, CAKE’s daily active addresses remained relatively stable.Interestingly, positive sentiment around CAKE has increased in the last few days. A change in market sentiment can play a role in changing CAKE’s declining price trend.
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