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Pancakeswap Token (CAKE): Everything you Wanted to Know as a Beginner before Investing!

Pancakeswap coin (CAKE) is one of the top 50 most popular cryptocurrencies currently. In terms of market cap, it is currently the 41st largest digital currency (over US$4.74 billion in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through Pancakeswap, how it works, and many more.

What Is Pancakeswap Coin (CAKE)?

PancakeSwap was founded and launched by anonymous developers. It is one of the leading most decentralized exchanges (DEX), which is based on Binance Smart Chain (BSC). This decentralized finance (DeFi) application is an Automated Market Maker (AMM) that enables its users to:

  • Exchange tokens
  • Provide liquidity (adding liquidity), and
  • Provide opportunity of yield farming and in turn earn fees in return

In September 2020, PancakeSwap decentralized exchange was launched to swap BEP20 tokens on Binance Smart Chain. It uses automated market maker model, enabling users to trade against a liquidity pool (syrup pools). The users deposit their funds in the liquidity pools and in return receive Liquidity Provider (LP) tokens called FLIP. They can claim share of the pool later by using these LP tokens. Addition tokens such as CAKE and SYRUP can also be farmed by PancakeSwap. You, as a user, can deposit your LP tokens to get rewarded with CAKE coins (earn crypto by depositing LP tokens). 

Pancakeswap enables you to:

  • Trade BEP20 tokens
  • Provide liquidity to the Pancakeswap decentralized exchange and in return earn fees 
  • Stake LP tokens to earn CAKE
  • Stake CAKE to earn more CAKE, and 
  • Stake CAKE to earn tokens of other projects

PancakeSwap (CAKE): Facts & Figures

All these facts and figures (as of Oct 21, 2021) will help you to make a decision on investing in CAKE. Before making PancakeSwap coin transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • CAKE Price: US$20.27
  • Trading Volume (24h volume): US$313,118,425
  • All-Time High (ATH) Price: US$44.18 (reached on Apr 30, 2021)
  • All Time Low (ATL) Price: US$0.198 (reached on Nov 03, 2020)
  • 24h Low: US$19.78
  • 7d Low: US$19.05
  • YTD (Year-To-Date) Return: 2,940.76% YTD (Year-To-Date)
  • Market Cap: US$4,739,847,689 (US$4.74 billion)
  • Crypto Rank (in terms of market cap): 41
  • Fully Diluted Market Cap: US$4,762,672,030
  • Max Supply: ---
  • Total Supply: 233,823,442
  • Circulating Supply: 233,823,441.95 CAKE
  • Total Value Locked TVL: 5.46 Billion

These are the facts that made PancakeSwap a preferred medium of exchange. Always check out market data and technical analysis before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins. 

How Is the PancakeSwap Network Secured?

You can securely store PancakeSwap on the Binance Smart Chain connected and CAKE supported wallets. Some of these wallets are:

  • MetaMask
  • TrustWallet
  • TokenPocket 
  • WalletConnect

Where can you Buy CAKE Tokens?

You can buy PancakeSwap coins in almost all reputed cryptocurrency exchanges including:

  1. KuCoin
  2. Binance
  3. MXC.COM
  4. VCC Exchange
  5. Binance

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of FIL are:

  • CAKE/USDT
  • CAKE/WBNB
  • CAKE/BUSD
  • CAKE/bROOBEE
  • CAKE/SEED
  • CAKE/YFII, and many more

Before investing, check out historical data of token CAKE, crypto news, Pancakeswap price charts, CAKE to USDT exchange rate, and others.

What are the Best Crypto Wallets to Store CAKE Tokens?

The best CAKE wallets to store PancakeSwap coins are:

  1. SafePal
  2. MetaMask
  3. Trust Wallet
  4. MathWallet
  5. Coin98
  6. Binance Chain Wallet
  7. BetKeep
  8. Bridge Wallet
  9. WalletConnect
  10. Pillar
  11. TokenPocket

Invest in PancakeSwap and Other Cryptocurrencies

You can buy and sell CAKE and other virtual currencies against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto API or mobile app, and CAKE markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other cryptocurrencies such as NEO, XMR, FIL, ETC, WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Also, invest in various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. 

Invest in NapBots: A Dynamic Cryptocurrency Index

Whether you are a professional or retail investor, you can expose your capital to a diversified portfolio of digital assets & crypto asset classes by simply investing in NapBots. It is a smart crypto index service that introduces multifarious features and passive portfolio management strategies for enabling cryptocurrency investors to streamline their trading experience in new ways. 

NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

The best part of NapBots is that it tracks and executes trades automatically on the basis of your pre-set choices of indexes. The platform is very affordable as it enables you to start trading as low as US$150 with a monthly service fee of just 2.5%, which is far below the current rate of other cryptocurrency index providers. Therefore, NapBots reduces the financial barriers and at the same time eliminates the need for human intervention and the consequent human error. 
Get started with crypto-asset investing by investing through napbots.com, a dynamic crypto index for expanding diversified exposure to bitcoin and leading crypto-assets at reduced financial barriers and no human error.