Cake Bank becomes the latest ‘sh*t coin’ to see its price disintegrate after splitting from Baby Cake.
Predictably Painful Correction
Cake Bank has stolen the limelight and endured a huge slump while riding the attention atop the most viewed crypto on CoinMarketCap. The token peaked at the number one coin the list and has since settled into the top five.
What goes up must come down, right? Well, Cake Bank may well have hoped to evade this old adage, or at least not to underline it so spectacularly.
“We are reaching 5000 holders, listed in CoinMarketCap and CoinGecko. You earn $CAKE (main Token of Pancake) by holding more than 200,000 $CAKEBANK” read a tweet by Cake Bank on August 27th.
The initial enthusiasm by the Cake Bank team will have soured in recent days after a dramatic fall. The token price of Cake Bank swung from $0.00015 on August 25th to $0.00003 at the time of writing, according to CoinMarketCap.
Pitfalls of Short Term Attention
As is highlighted by Cake Bank being the current most viewed currency on CoinMarketCap, we have spoken a good deal about ‘sh*t coins’ garnering serious attention. There appears to now be an understanding that this attention stems from prospective investors hoping to make a quick buck.
The token suffered from a lack of genuine sentiment for investment and to see the project grow. The token also failed to capitalize on the growth the attention may prompt.
Of course, in instances like these, a sharp price drop and sometimes even life-changing financial losses illustrate the life cycle of some cryptocurrencies.
How Much Do We Know About Cake Bank?
According to information available on their webpage, Cake Bank describes its aims as being vested in creating a platform that offers CAKE investors an opportunity to learn about crypto/tokens and how to invest in something other than Bitcoin.
Just why investors would choose Cake Bank to learn about crypto is unclear, as is much else on the website is littered with spelling mistakes and does not offer any indication of who is behind its launch.
All of these different facets coupled together seem to underline that this may be a dangerously volatile coin for investment. Its well-documented fall in price and forking from another relatively new project also means this particular project may well have some way to go before finding real stability.
Where to find Cake Bank:
Source : bsc.news
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