What happened to LUNA was really terrible, and I hope it doesn't happen to CAKE. I agree that usually CAKE is a project that can recover quickly, but because the current situation is very bad. Where Bitcoin price dropped very drastically to below the price of $30k, it finally affected the performance of CAKE. Because CAKE is currently still at $4, which is down about 90% from the ATH price it was a year ago. So there is still a possibility that the CAKE price will still fall even lower, if it turns out that in the near future the price of Bitcoin will fall again.
Luna and cake are I think not the same so you guys must not worry about it. Cake has been there for quite some time and it was associated with pancakeswap (the leading exchange for bsc tokens) which makes its reputation high.
I don't think their devs will do something to damage it for some money. Btc and the entire market are still volatile as there are small drops/rise that we feel so I think it would be better to wait for a while before you invest on cake coin. 1 to 2 dollar might still be possible and it was a good value already to start investing. Just don't get tempted or feel regret whenever you see a small up in the price as it can be a trap.