PancakeSwap traders will have to wait a little longer for a rally- Here’s why

ambcrypto.com:

Token Terminal’s data revealed that PancakeSwap’s [CAKE] revenue increased considerably over the last 90 days. 

This update complemented PancakeSwap’s recent achievement of being the most used dApp on the BNB Chain, with over 1.36 million users in 2023 alone.

Source: Token Terminal

Surprisingly, as CAKE’s revenue and the count of users increased, the token’s P/S ratio registered a slight decline.

Well, the ratio is used to determine whether an asset is undervalued or overvalued. Therefore, a decline in this metric suggested that CAKE was undervalued.  

Realistic or not, here’s CAKE’s market cap in BTC terms

CAKE’s recent price action has been pretty sluggish, thanks to the current bearish market trend, which has restricted most of the cryptos from registering gains.

As per CoinMarketCap, CAKE’s price declined by more than 4% in the last seven days, and at the time of writing, it was trading at $4.01 with a market capitalization of over $765 million.

Though CAKE’s revenue increased, its performance on the metric front was not up to the mark. For instance, Santiment’s data pointed out that despite topping the list of the most used dApps on the BNB Chain, CAKE’s daily active users went down over the last week.

Whales’ interest in CAKE also seemed to have dwindled. In fact, the whales’ transaction count registered a decline. Moreover, Dune’s data pointed out that CAKE’s total number of transactions did not increase much over the past few months. 

Source: Santiment

Nonetheless, a few of the metrics were working in CAKE’s favor. Consider this- Positive sentiments around CAKE spiked last week, reflecting investors’ confidence in the token.

As per LunarCrush, bearish sentiment declined by 24% over the past week, while CAKE’s