It's been 2 months since this post, and I have mixed feelings... On the one hand, $CAKE is up +25%...
BUT thereās still no news about the promised @BinanceWallet IDO or high-quality IFOs with CAKE.
Has everything been canceled? @Headchef_pcs
I'm not a big fan @PancakeSwap kitchen or what they're doing, but objectively speaking, $CAKE looks pretty good here.
After the changes in Tokenomics 3.0 and the sunset of the veCAKE system, around 25 million freshly unlocked CAKE will hit the market (excluding Binanceās locked portion from a week ago). Thatās about 10% of the current market cap. Itās quite likely that a portion of this will be sold right away, which poses a certain risk of a local dump.
However, there are big opportunities ahead. The PCS chefs PROMISED a use case for CAKE as a token for participating in @BinanceWallet IDOs using an overflow system. The only question is how exactly this will be implemented...
Just imagine... if $CAKE replaces $BNB in even a single IDO, it could create permanent demand of $200M+ and instantly send the price up 2x or more.
Itās obvious that retail, the ones who actually take part in these IDOs, have no idea about the upcoming changes yet. So technically, we're still kind of early š
P.S. But DYOR - because chefs have already failed to follow through on their promises more than once.
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