I personally purchased coin when it was around $20. My initial investment shrinked up to 22% of the initial investment despite getting more Cake from staking reward. Overall, Cake coin observed more than 94% down in its worth in last 2 years. This make a Cake coin a gem which has high potential to rise again but Cake buying at current price is still questionable.
One of the main reason of dip in Cake price are excessive minting than burning and unstaking of Cake coin. Cake APR of 55% was attractive one. However, in order to control the emission of new Cake, team has curtailed APR up to 20%. This will help to control the issue of excessive coin. But it is enough to rise for the coin to perform well in the market.
The simple answer of this question is "NO". 20% APR staking has already forced many investors to withdraw their investment. It is a fact the lower APR will never attract new investors.
Cake needs an out of box solution to maintain its worth. There is proposal that a Cake may be curtailed its total supply from 750 million to 500 million Cake. I supported the 500 million Cake as it will help to give strength to Cake. I urge all my followers to cast vote on proposal according to your choice. In the end we all are responsible for the pump and dump of Cake so it is a better idea to share your opinion on proposal.
In my opinion, Cake team need to follow the Cubdefi philosophy to make Cake a deflationary token. Cubdefi has made Cub coin deflationary token in the month of March. Making Cake a deflationary token is only possible if the burning number is more than total issued Cake coin. Cake team need to adopt new strategy in order to bring value to its coin. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.