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Pancakeswap’s new update to the farm auction may relieve investors

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  • There are some big changes in CAKE’s Farm Auction
  • CAKE’s NFT space is seeing growth
  • increased MVRV ratio and positive emotions

pancake swap [CAKE] Recently, the company announced its new custom agricultural auction, which will be in effect from November 30 during CAKE’s 34th agricultural auction.

The exchange’s farm auction is a highly effective way to instantly increase project token liquidity, in addition to increasing project volume and attracting organic traffic.

They also allow liquidity providers to farm CAKE at a higher APY.

Read Pancake Swap [CAKE] Price Forecast 2023-24

With this new announcement, there will be some changes to the farm auction process. Specifically, the minimum bid for CAKE will be changed from 7,000 to 3,000 CAKE. The farm duration has also been updated from the first 10 days to eight days.

Cake seems to be booming

This development looks positive for the CAKE ecosystem. According to data from LunarCrush, the token was ranked second on the list of projects on BnBeechin with the most optimistic sentiment, which is certainly good news.

CAKE also saw improvements in its NFT space last week. According to Sentiment’s charts, the total number of NFT transactions of the token, along with the total NFT trading volume in USD, registered a peak on November 23, reflecting the network’s growing popularity in the NFT community.

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Source: sentiment

what the statistics suggest

CAKE’s on-chain stats also paint an optimistic picture. The MVRV ratio registered an increase, raising hopes to finish the month in favor of the currency. Alt was also very popular because it had high social volume and therefore positive sentiment, reflecting investor confidence.

In addition, data from LunarCrush showed that CAKE’s volatility has increased by more than 60% over the past seven days. So, this suggests another bullish move in terms of the price. Nevertheless, BNB’s momentum waned as the week progressed, which was a negative sign.

Source: TradingView

Source: news.google.com

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