Below is an in-depth analysis of their prices and the latest news that features them as protagonists.
PancakeSwap is a decentralized exchange (DEX) that works on the AMM (Automatic Market Maker) model. Thanks to this, its users can exchange tokens in a completely decentralized way, since liquidity funds are generated that allow these exchanges.
Spongebob, on the other hand, is a decentralized memecoin developed on Ethereum. SPONGE, the native crypto in ERC-20 format, was launched on the Uniswap DEX on May 4, 2023.
Lastly, Bitgert Chain (BRISE) is an Ethereum-compatible Layer 1 Blockchain built on top of Polkadot.
Is a Trend Change Possible for the PancakeSwap (CAKE) Cryptocurrency?
PancakeSwap v3’s performance has been modest since its release as it has seen growth on multiple fronts. However, while the status of v3 looked good, the same cannot be said for the CAKE cryptocurrency, whose price is down 25% in the last seven days. According to CryptoQuant, though, the tables could soon turn in favor of the token.
It is also noteworthy that v3 performance has been on par for several weeks. While v3 continued to grow on the BNB chain, it also saw a decline in Ethereum (ETH).
In fact, CAKE investors were struggling because the token price was still low. According to CoinMarketCap, the CAKE price has dropped significantly over the past week. Right now, CAKE is trading at around $1.90, with a market capitalization of over $177 million.
However, the CryptoQuant data has given hope for a brighter future, as the Relative Strength Index (RSI) and Stochastic were both in oversold positions, suggesting a trend reversal.
In a nutshell, looking at the daily chart for PancakeSwap makes it clear that investors can expect the CAKE price chart to turn green in the coming days.
Crypto Sponge Listed on Poloniex and MEXC
The latest addition to the world of memecoins, the crypto sponge has been making waves since its launch. However, the question many have been asking is whether Sponge will outperform the impressive price performance of the other famous recent memecoins. Pepper. Currently priced at $0.000452, the Sponge token has already made a name for itself as one of the most successful meme coins this year, despite falling 43.53% thereafter.
The success of meme coins like SPONGE and Pepe Coin makes it clear that the cryptocurrency market is not driven solely by technology and fundamental analysis. Rather, it is a reflection of human behavior and sentiment, which can be as unpredictable and volatile as the market itself.
BRISE Earns 21% in 24 Hours, Compared to PancakeSwap and Sponge Cryptocurrencies
While the BRC-20 token is still trading in the red zone, it appears to be attempting a market recovery after this surge in its market value.
According to data from CoinMarketCap, BRISE is up 21.44% in the last day, making it the biggest gainer among the top 200 cryptocurrencies on the market, followed by the diamond of meme season, Pepecoin.
BRISE opened its weekly market around a price region of $0.0000003534 and showed a steady decline over the following days before finding support around a market price of $0.0000002759 on May 12. Subsequently, BRISE began to show signs of consolidation before finally experiencing a price rally yesterday morning, reaching $0.0000003781.
While the native Bitgert token has slid from such price heights, the decline has been negligible and BRISE seems to be gathering momentum for other price breakouts.
By Audy Castaneda
