BakeryToken price prediction: Mixed sentiment for DeFi token
Can BAKE cook up a recovery despite a disappointing performance in 2022?
Investors are spoilt for choice when it comes to exchanges in the crypto industry. There are industry giants such as Binance, decentralised options such as PancakeSwap, and platforms set up by cryptocurrencies such as ShibaSwap
BakerySwap is an exchange hoping its unique selling points will be enough to set it apart from the crowd. With its NFT marketplace and unique initial DEX offerings [IDO], there is a lot going for the platform. However, its native token BakeryToken (BAKE) has been depreciating for some time.
The broader crypto markets took a battering as the second quarter of 2022 came to a close, so does the DeFi token have what it takes to survive the turmoil as we move further into Q3? And what is the latest BakeryToken price prediction?
What is BakeryToken (BAKE)?
BakerySwap is a decentralised exchange built on the Binance Smart Chain that uses an automated market-making protocol. The main offering from the exchange is a variety of liquidity pools of altcoins, which investors are able to lend and borrow.
However, there is a lot more to the BakerySwap ecosystem. It also has its own NFT exchange, where users can sell or buy anything from pictures to videos to audio. BakerySwap is also home to a launchpad for new crypto projects. These platforms can raise money via the exchange through IDO.
The BakeryToken (BAKE) was created to compliment the BakerySwap exchange. By providing liquidity to various different pools, users are rewarded with BAKE. According to CoinMarketCap, these pools initially included pairings with ETH, LINK, BTC, DOT, BUSD, and BNB. The liquidity pool with BAKE and BNB is said to provide the most rewards, with 10 times the amount being earned by providers compared to the others.
BakerySwap finances these rewards through a 0.30% fee for all swaps and trades. The majority of this fee goes towards liquidity providers.
However, not all pools promise BAKE rewards. The CoinMarketCap page said: “BakerySwap has two types of liquidity pools: With BAKE rewards and without them. This is done in order to facilitate the creation of new liquidity pools by the community.”
One important thing to note is that the BakerySwap team have decided to remain anonymous. This could be a warning flag for some investors, as anyone is able to make a BEP-20 token like BAKE.
This has not stopped the token from enjoying an active price history and some ambitious price predictions.
BAKE’s past performance
BakeryToken started its journey in September 2020 below the $0.10 mark, where it stayed for the rest of the year. Along with the wider crypto market, the token started to rally at the beginning of 2021.
On 18 February 2021 it was listed on Binance, and the following day it went live on Gate.io. This saw the token peak at $2.64. But it was not long before it rallied even further.
May 2021 was an active month for the token. Binance added a new trading pair for BAKE with USDT, just before the start of the month. The ecosystem soon reached major milestones, including 286,000 transactions on its NFT marketplace and more than $400m in liquidity on its exchange.
BAKE hit its all-time high on 2 May 2021 of $8.48. While it corrected slightly, it came close again on 16 May, when it peaked at $7.20. The exchange token then fell massively over the next few months, dropping below the $2 mark in July.
It grew steadily in August, taking back some of those lost gains. BakerySwap announced an upgrade for its farming pool that would let it continue to reward BAKE tokens. This update was necessary as the platform had reached the end of the BAKE tokens earmarked for the initial release.
The DeFi platform also updated its NFT marketplace. It wrote in a blog post: “The marketplace will have a new UX experience and restyling that will improve the discoverability of the thousands of unique NFTs that are currently exhibited in our platform.”
BAKE reached a peak of $3.16 on 22 August 2021, before falling back under $2 the following month. This bearish trend stayed with the token for the rest of 2021 and by the end of January 2022 it had dropped below $1.
The BakeryToken has started to show signs of recovery as ByBit announced linear perpetual contracts for the BAKE and USDT pairing.
On 1 April 2022, BAKE was trading at a brief peak of $1.65, the highest value recorded so far in 2022. However, a steep correction followed, roughly in line with the broader crypto market sentiment. Fears of a crypto winter loomed large over the market and after multiple crashes, the token hit lows of $0.1969 on 18 June 2022.
The token has, however, made some decent gains in the past few weeks and, as of 16 August 2022 and at the time of writing, the token is trading at $0.3253. At this time, there were 193.5 million tokens in circulation, giving BAKE a market cap of over $63m.
In a rapidly maturing and highly competitive digital asset space, will BAKE pull through?
BakeryToken price prediction
There is a mixed opinion from forecasters over the future of BAKE. Some think a new all-time high is likely, while others expect a bearish trend.
WalletInvestor’s BAKE price prediction is in the latter camp, stating that it is a “bad” investment. In a year’s time, the cryptocurrency is projected to fall to $0.025 and not make any meaningful recovery thereafter.
DigitalCoinPrice’s BakeryToken coin price prediction expects a gradual rise. It argues the token will reach $0.47 in September, and $0.46 in December. The site forecasts an average value of $0.47 in 2023, and $0.52 in 2024. The site’s BakeryToken price prediction for 2025 is $0.63, rising to around $1.48 in 2030.
The forecast from PricePrediction makes a BakeryToken price prediction for 2022 which expects a maximum price of $0.46. BAKE, it suggests, could reach an average of $1.31 in 2025. The site’s BakeryToken price prediction for 2030 is $8.06, which is still below the token’s all-time high of $8.48.
How many BakeryToken are there?
There is a circulating supply of 193.5 million BAKE, and a total supply of 289.77 million BAKE.
Is BakeryToken a good investment?
It might be. BAKE can be earned from providing liquidity on the BakerySwap exchange. However, some liquidity pools give higher rewards than others. Remember, you should always conduct proper due diligence before investing.
Will BakeryToken go up?
It depends on who you ask. The BakeryToken crypto price prediction from PricePrediction thinks it can hit $8.06 in 2030, but WalletInvestor says it will continue depreciating in value. Cryptocurrencies are known to be volatile, so you should never invest more than you can afford to lose.
Should I invest in BakeryToken?
That’s something you will need to decide for yourself. BakerySwap is hoping to stand out through its NFT marketplace and unique IDOs, but its BAKE token has been depreciating in value.
Remember, you should always carry out your own, thorough research before purchasing any cryptocurrency.