One of the hot cryptocurrencies investors are watching today is PancakeSwap (CCC:CAKE-USD). Despite being down approximately 3% at the time of writing, CAKE crypto did surge earlier this morning on two occasions, before settling down. Questions as to where the PancakeSwap price will head from here remain, as the decentralized finance automated market maker continues to battle market-related headwinds.
Despite these macro headwinds, some investors seem to believe PankcakeSwap could be a long-term winner. This decentralized exchange, providing liquidity pools for investors, has grown in interest in over the past year as a way to play the surge in capital in the crypto sector. Of course, capital flows appear to be negative right now. However, a new roadmap could be the catalyst many investors believe will be able to take CAKE token higher over the long term.
Let’s dive into what this roadmap is all about, and why investors may want to watch this token.
Where Is the PancakeSwap Price Headed?
Over the past week, a number of reports have highlighted specific catalysts in this roadmap worth considering. To start, this roadmap provides deadlines for developers to act on. Previously, this list was rather vague, leading to investor apathy.
Second, this roadmap includes a number of new features that many see as exciting upgrades. The platform’s upcoming Initial Farm Offering 3.1 is among the updates garnering the most attention. This update will provide for new syrup pools (liquidity pools) and private sales. Additional benefits to those staking tokens on this platform should improve the token’s economics. At least, that’s what bulls suggest.
Here are some of the price predictions for CAKE (currently trading at $7.50 per token) from the experts:
- Wallet Investor forecasts CAKE could hit $7.51 in one year and $5.31 in five years.
- Digitalcoin provides 2023, 2025 and 2028 price targets of $11.99, $16.09 and $31.44, respectively, for CAKE.
- Finally, CryptoNewsZ suggests CAKE could hover around $45 in 2023 and $67 in 2025.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.