How are the coins PancakeSwap (CAKE), Spongebob (SPONGE) and Bitgert Chain (BRISE) performing within the crypto market? The following is an in-depth look at their prices and the latest news featuring them.
Analysis of the crypto assets PancakeSwap (CAKE), Spongebob (SPONGE) and Bitgert Chain (BRISE)
As a reminder, PancakeSwap is a decentralized exchange (DEX) that operates under the Automatic Market Maker (AMM) model. Because of this, its users can exchange tokens in a completely decentralized manner, as liquidity pools are created that enable 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 4 May 2023.
Finally, Bitgert Chain (BRISE) is an Ethereum-compatible Layer 1 blockchain built on Polkadot.
Is a reversal possible for the PancakeSwap (CAKE) crypto?
We see that the v3 performance of PancakeSwap has been decent since its launch, as it has experienced growth on multiple fronts. In particular, on 9 May, PancakeSwap tweeted that to enable an orderly transition of TVL from v2 to v3, it has reduced the issuance of the v2 BNB Chain Farm by 35%, as planned.
However, although the status of v3 looked good, the same cannot be said for the CAKE crypto, whose price has fallen by 25% in the past seven days. In any case, according to CryptoQuant, the situation may soon turn around in favor of the token.
In addition, we observe that v3’s performance has been on par for several weeks. However, it was interesting to note that while v3 continued to grow on the BNB chain, it simultaneously experienced a decline on Ethereum (ETH).
In fact, CAKE investors were struggling because the price of the token was still low. According to CoinMarketCap, the price of CAKE has declined in no small way over the past week. Currently, CAKE is trading around $1.90, with a market capitalization of more than $177 million.
However, CryptoQuant’s data gave hope for a better future, as the Relative Strength Index (RSI) and stochastic were both in oversold positions, suggesting a turnaround.
In conclusion, looking at the daily chart of PancakeSwap one can see that investors might expect CAKE’s price chart to turn green in the coming days.
The crypto Sponge is listed on Poloniex and MEXC
As we know, the crypto Sponge, the latest addition to the memecoin world, has caused a stir since its launch. Now, with recent listings on popular cryptocurrency exchanges such as Poloniex and MEXC, the Spongebob coin has caught the attention of traders and investors.
However, the question many have been asking is whether Sponge will surpass the impressive price performance of the other popular and recent memecoin Pepe. 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% as a result.
Moreover, following its listing on several exchanges, to the amazement of many, SPONGE came close to reaching a market capitalization of $100 million, and was ranked among the top 275 cryptocurrencies by market capitalization, according to CoinMarketCap.
In any case, it is worth noting that SPONGE’s impressive price performance is part of a larger trend in the cryptocurrency market: the memecoin craze. In recent months, these tokens have gained immense popularity among traders and investors.
The success of memecoins such as SPONGE and Pepe Coin reminds us 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 just as unpredictable and volatile as the market itself.
BRISE gains 21% in 24 hours, comparison with crypto assets PancakeSwap and Sponge
BRISE has seen significant positive price movement in the past 24 hours. Although the BRC-20 token is still trading in the red zone, it appears to be attempting a market recovery after this sudden increase in its market value.
In fact, according to CoinMarketCap data, BRISE has risen 21.44% in the last day, making it the biggest gainer among the top 200 cryptocurrencies in the market, followed by the diamond of meme season, Pepecoin.
This price movement has produced much excitement within the Bitgert community, as the BRISE token has been in a bearish state for some time, posting significant losses.
Specifically, CoinMarketCap data show that BRISE has lost 3.09% and 26.07% of its value in the past seven and 30 days, respectively.
BRISE opened its weekly market around a price region of $0.0000003534 and showed a steady decline in the following days before finding support around a market price of $0.0000002759 on 12 May.
Thereafter, BRISE began to show signs of consolidation before finally experiencing a price surge yesterday morning to $0.0000003781.
Although Bitgert’s native token slipped from such price heights, the drop was insignificant and BRISE appears to be gathering momentum for another price breakout.
Interestingly, shortly after the BRC-20 token increase, Bitgert’s developer team announced a breakout of the 500 billion BRISE token offering, which had attracted more interest in the asset as token burn is usually associated with price increases.
Currently, BRISE is trading around $0.0000003514, a gain of 0.4% in the last hour.