PancakeSwap Price Slips 3% to $3.71 - Should You Buy Dip in This Top DEX Coin?

cryptonews.com:

PancakeSwap price has started giving back the gains accrued from January 1, when it bottomed out at $3.15. CAKE is down slightly over 3% in 24 hours to trade at $3.72 at the time of writing. With this price analysis, investors will figure out if they should buy the dip or wait for PancakeSwap price to exhaust the pullback.

PancakeSwap launched a 120-day ESPL Syrup Pool for its community on Monday. This development follows a collaboration with “strategic partners and investors, including Genting Ventures, Warner Music, Infinity Ventures Crypto, and Arcanum Capital.”

According to an announcement by the team made via Twitter, the ESPL Arena is a Global Esports Tournament Platform, boasting 280k active competitors. ESPL has hosted more than 700 Esports tournaments across Southeast Asia and Latin America.

The first ESPL Arena initial farm offering (IFO) was concluded late Monday, with users informed to “claim the unspent CAKE and 33% of the purchased ARENA immediately.” However, the rest of the “tokens will be released based on the vesting schedule.”

PancakeSwap team recently updated bCAKE, allowing farmers to “activate boosters on two farms with adjusted boost multiplier.” The only condition is to unset the current booster before applying the new one.

Interest in CAKE has been growing since the New Year and this could be attributed to the launch of the ESPL Arena and other key updates on farming pools like bCake. CAKE has also been popular among BSC whales, becoming the most-used token after toppling BTCB.

Insight from on-chain data presented by Santiment confirms the uptick in investor interest, as observed from the on-chain volume metric below. It appears that PancakeSwap price tends to respond to increased transactions on the