This token has a very unique tagline amongst investors: eat your cake and have it. Who doesn’t want to eat their cake and have it? Well, pancakeswap’s native token, CAKE (CRYPTO: CAKE), helps you do just that. PancakeSwap is a decentralized exchange (DEX), allowing investors to swap BEP-20 tokens. BEP-20 tokens are tokens built on top of the Binance Smart Chain that doesn’t have its own blockchain. Early investors in CAKE have been on a wild ride as the token has appreciated more than 30 folds in price in the past year. There are a number of reasons why cryptocurrency investors are looking at Cake right now, given the strong secular growth trend driving the decentralized finance (DeFi) space and PancakeSwap’s impressive user base—the largest for any decentralized application (dApp).
Continue reading to learn how to buy and sell CAKE if you’re one of these savvy investors:
How to buy CAKE
CAKE is supported by the largest cryptocurrency exchange in the world, Binance. There are two ways to buy “CAKE.” The first is to buy CAKE with an established cryptocurrency, and the second is to use a credit or debit card. In both cases, all you have to do is choose a cryptocurrency wallet, fund your wallet with established crypto, place a buy order for CAKE, and there you have it. You just purchased CAKE. Now all you need to do is eat it literally but it’ll still be there, sitting pretty in your wallet. Easy peasy, yes? But I would still be breaking down these processes for ease of understanding.
1. Choose a cryptocurrency wallet
To choose a wallet, you have to consider compatibility and security. In terms of compatibility, the best wallet for CAKE is MetaMask. MetaMask was one of the first wallets to feature the token when it was created, and it allows Cake to be bought, sold, and traded at little cost. In terms of security, the Safepal S1 is the best wallet for Cake. It provides top-notch security for users, as it is a hardware wallet built to store cryptocurrencies offline, and it provides a level of accessibility that is unmatched. If you have to consider both compatibility and security, then Trust Wallet is the best, as it allows you to connect directly to PancakeSwap to buy, sell, and trade.
2. Fund your wallet with an established coin
Examples of established coins are BTC, ETH, and USDT. If you already have an established coin in your wallet, then you can skip this step. If you have an established coin in another wallet, you can transfer it to your trust wallet.
3. Buy Cake
After successfully transferring cryptocurrency to your Trust Wallet, you can connect to Pancakeswap and exchange the coin for CAKE tokens.
4. Keep your CAKE safe
Cryptocurrencies are usually stored in wallets. There are hot wallets and cold wallets. For ease of use, major cryptocurrency exchanges have their own wallets, so if you only have a small amount of crypto, it is preferable to leave your investment in your exchange account. But a digital wallet, which is a form of hot wallet, can offer more security if you want to move your crypto to a more secure storage facility. The best wallet for CAKE is the Trust Wallet. Trust wallet has a strong connection with the cryptocurrency exchange Binance, where PancakeSwap is hosted. Additionally, Trust Wallet allows you to connect directly to PancakeSwap to buy, sell, and trade CAKE.
How to sell cake
The procedure for selling CAKE is very similar to that for purchasing it. Navigate to the “DEX” at the bottom of your wallet app, select the token you are swapping from under the “Swap” tab, which will be “CAKE”, select the stablecoin that you would like to swap to, and enter the amount, then press the “Swap” button and confirm. After your CAKE has been swapped for a stable coin, you can now send that stablecoin to your exchange and sell it.
Cake has the potential to make you a lot of money on PancakeSwap. While the platform is open to all types of exchanges, it is more welcoming to investors who hold CAKE, the platform’s native token. If you own Cake, you can benefit from general features such as investing in liquidity pools. You can also take advantage of exclusive features such as staking in SYRUP pools, farms, maximizing the prediction feature, and entering the lottery.