Yes true, as long the exchange is used and growing (more projects traded), it would increase the value of $Cake itself. Moreover if many projects came, they would buy cake to create /CAKE pair and lock it on liquidity, make the supply of $CAKE decreased on the market.
That's a very logical and obvious reason, as it will also be pretty much the same as BNB as there are more and more users of the Binance exchange which will certainly make them like BNB coin in general, so it's clear that Cake will get better if the Exchange is still operating very well in the crypto space.
And that they supposed to be going better in order to cope up and could compete others. I don't imagine that CAKE will be like BNB due to its different platform and market purposes but then, as if they wanted to survive and reach their goal, they should have to make something that could help for their project to grow. Investors have become certain to what project they give support and that something it caught their attention as this CAKE have gain such a trend.
$50k sounds realistic to me. We only just wait.