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Crypto news and price of the week for PancakeSwap (CAKE), IOTA (MIOTA) and Tezos (XTZ)

How has the price performance been over the past week for the crypto assets PancakeSwap (CAKE), IOTA (MIOTA) and Tezos (XTZ)? What will be the future performance? A look at the performance and latest news.

Analysis of the crypto assets PancakeSwap (CAKE), IOTA (MIOTA) and Tezos (XTZ)

We recall that PancakeSwap is a decentralized exchange platform that allows the exchange of existing tokens within the Binance Smart Chain (BSC) without losing custody of assets at any time.

IOTA, on the other hand, is an open-source project, which consists of a cryptographic, next-generation token that is already distributed, thus non-minable. Lastly, Tezos is an open-source blockchain that can perform peer-to-peer transactions and serve as a platform for distributing smart contracts.

PancakeSwap closes March on a negative note, comparison with crypto assets IOTA and Tezos

As we know, the DeFi sector in March experienced its first contraction since the beginning of the year. This is because the sector was affected by the damage caused by traditional finance, with the defaults of Silicon Valley Bank and Silvergate some 30 days ago.

Unfortunately, PancakeSwap (CAKE) also ended March in the negative at -5.50%. This decline erodes the year-over-year rise, which at the current price of $3.68 was reduced to a +16.7%.

In any case, PancakeSwap’s TVL, compared to DeFi’s Total TVL, has risen marginally to a +7% since the beginning of the year and has gone from $3.23 billion to the current $3.48 billion. However, it is necessary to point out that in these three months, the trend of Cake’s TVL has always been slower than the total TVL.

In any case, the price of CAKE in recent weeks has been moving in a sideways phase with low volatility. Extending the observation area, we can see how since summer 2022 the price has been swinging in an area between support at $3 and resistance in the $4.9/5 area.

By contrast, in February it had given the impression that it could target resistance at $5, but then the SEC decision on BUSD caused Pancake to veer downward again. As it did so, it also broke support in the $4/3.95 area.

IOTA and partnership with Multichain to facilitate interoperability with Shimmers.

In a blog post this past week, IOTA announced a partnership with Multichain, formerly known as Anyswap, to facilitate interoperability with Shimmers.

Users will thus be able to exchange tokens on both networks through this integration with cross-chain infrastructure provider Web3. Notably, the benefits would also extend to the ShimmerEVM chain.

Moreover, for the ShimmerEVM chain, it would enable interoperability not only with IOTA but also with other Multichain-supported networks, including Ethereum, Fantom, and BSC testnet.

For context, similar to IOTA, Shimmers is a directed acyclic graph (DAG) network. However, transactions on the network attract zero fees. It also offers customizable smart contracts and promises to offer a scalable multi-chain ecosystem.

In particular, the network was created to test future IOTA capabilities. In the blog, the following can be read:

“Through this integration, IOTA holders will gain access to a fast-growing Shimmer ecosystem and, with it, investment opportunities to earn yield on their IOTA tokens through staking, yield-farming, and more. Thanks to the Multichain bridge, Shimmer and IOTA move even closer together, maximizing mutual growth and success.”

Tezos upgrades Mumbai protocol and crosses the 26 million mark

Tezos (XTZ) saw a huge increase in its social engagement on 2 April 2023, as the metric crossed the 26 million threshold. The main reason fueling this surge may be the latest update to Tezos’ Mumbai protocol, which was activated a few days ago.

According to the newsletter, the Mumbai era is one of the most significant updates for Tezos, introducing cutting-edge features that firmly position Tezos’ blockchain far ahead of the competition.

In addition, thanks to the development effort and the upgrade of the Bakers node to Octez v16.1, Tezos had one of the smoothest transitions. This was an important release as it corrected an implementation flaw in the new Mumbai baker’s binary, which could occasionally cause blocks to be mistakenly approved and deteriorate the liveliness of the network.

In any case, although the Mumbai activation was an important network upgrade for Tezos, XTZ’s response was not up to par. According to CoinMarketCap, XTZ’s weekly chart was painted red and traded at $1.10 with a market capitalization of over $1 billion.

It was surprising to note that despite the launch of the Mumbai Protocol, development activity declined last week. However, XTZ’s positive sentiments have increased, reflecting investors’ confidence in the token.

XTZ’s future may look better than the present, as its demand in the futures market was considerably high, which may help drive up its price in the coming days.


Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.