PanCakeSwap Soars Over 50% After 10 Million Tokens Burned – Details
27 Dezembro 2023 - 5:00AM
NEWSBTC
The recent increase in value of PancakeSwap has captured the
attention of the cryptocurrency community, as its token, CAKE,
witnessed an extraordinary 54% surge in just the past seven days.
With a robust market capitalization of nearly $900 million and an
impressive fully diluted valuation of $1.3 billion, PancakeSwap has
solidified its position as a significant player in the
decentralized finance (DeFi) space. Related Reading: Ethereum:
Balancing Act At $2,300 – Scaling The Heights Or Facing A Looming
Drop? Strategic Token Burn Propels PanCakeSwap Ascendancy One of
the key strategies contributing to PancakeSwap’s success lies in
its proactive approach to managing token supply. In a strategic
move to boost scarcity and create a more attractive investment
proposition, PancakeSwap executed a token burn, incinerating more
than 10 million CAKE tokens, valued at approximately $34 million,
on December 26. This deliberate reduction in the total supply by
40% has not only impressed investors but also earned PancakeSwap
the endearing title of “everyone’s favorite DEX” (Decentralized
Exchange). 🔥 10,166,225 $CAKE just burned – that’s $34M! 💰 Trading
fees (AMM V2): 132k CAKE ($438k) -29% 💰 Trading fees (AMM V3): 79k
CAKE ($260k) -23% 💰 Trading fees (Non-AMM like Perpetual, Position
manager etc): 4k CAKE ($1k) -98% 🔮 Prediction: 34k CAKE ($112k)
-27% 🎟️ Lottery &… pic.twitter.com/veRsDhcFFB —
PancakeSwap🥞Everyone’s Favorite DEX (@PancakeSwap) December 26,
2023 Despite prevailing market consolidation, the CAKE token has
managed to defy the odds, maintaining a price above $2.1 and
extending its recovery trend. Within just one week, the coin’s
price soared to the current trading value of $3.37, breaking
decisively from a falling wedge pattern. This latest burn has
resulted in a notable reduction in the circulating supply of CAKE
tokens, decreasing from 275 million to 265 million. Consequently,
this development propelled the CAKE price by 18%, pushing its
market cap to $894 million. CAKE market cap currently at $896.764
million. Chart: TradingView.com Crypto burns play a pivotal role in
the digital assets sector by reducing asset supply, thereby
creating heightened demand and boosting the value and prices of
cryptocurrencies. Although a proposal to cap the maximum supply at
450 million was previously made by the network to recover losses
suffered by CAKE crypto, it is yet to be implemented. Meanwhile,
the team will continue with substantial burns to support price
movement until an alternative decision is reached. Weekly Token
Burns Signal PanCakeSwap’s Commitment The PancakeSwap team has
further disclosed their intention to continue these token burns on
a weekly basis, demonstrating a commitment to this approach until a
decision is made to alter it. This diminishing supply, coupled with
the optimistic technical outlook, is anticipated to sustain a
robust recovery trend in CAKE price. CAKE seven-day price action.
Source: Coingecko Related Reading: Looking Deeper: Can ATOM Sustain
Its 13% Surge Beyond The Network Buzz? Meanwhile, the coin’s
24-hour trade volume increased by 37% to $284 million, with
one-month gains exceeding 50%. Moreover, the token reached a new
30-day peak of $3.65 on Tuesday. As of the latest update, CAKE
maintains a bullish stance, registering a 27% increase in the
previous day’s trading and gaining over 6% within one hour of the
most recent token burn. The altcoin has also garnered increased
crowd interest, with daily volume soaring by 75% to $330 million,
although it remains 90% down from its April 2021 all-time high of
$44.20. Featured image from Shutterstock
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