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Home»BITCOIN NEWS»PanCakeSwap surges 50% after burning 10 million tokens
BITCOIN NEWS

PanCakeSwap surges 50% after burning 10 million tokens

By Crypto FlexsDecember 27, 20233 Mins Read
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PanCakeSwap surges 50% after burning 10 million tokens
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The recent rise in value of PancakeSwap has caught the attention of the cryptocurrency community. The token in question, CAKE, has surged a whopping 54% over 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.

Strategic Token Burn Drives PanCakeSwap Rise

One of the key strategies that has contributed to PancakeSwap’s success lies in its proactive approach to token supply management.

In a strategic move to increase scarcity and create a more attractive investment proposition, PancakeSwap implemented a token burn on December 26, burning over 10 million CAKE tokens worth approximately $34 million.

Intentionally reducing total supply by 40% not only impressed investors, but also earned PancakeSwap the endearing title of “Everyone’s Favorite DEX” (Decentralized Exchange).

🔥 10,166,225 $cake It just burned down. That’s $34 million!

💰 Transaction Fees (AMM V2): 132k cake ($438k) -29%
💰 Transaction Fee (AMM V3): 79,000 cakes ($260,000) -23%
💰 Trading Fees (non-AMMs like Perpetual, Position Manager, etc.): 4,000 CAKE ($1,000) -98%
🔮 Prediction: 34k cakes ($112k) -27%
🎟️ Lottery &… pic.twitter.com/veRsDhcFFB

— PancakeSwap🥞Everyone’s Favorite DEX (@PancakeSwap) December 26, 2023

Despite the prevailing market consolidation, the CAKE token defied the odds, maintaining its price above $2.1 and extending its recovery trend. In just one week, the coin’s price soared to its current trading value of $3.37, decisively breaking the falling wedge pattern.

This burn significantly reduced the circulating supply of CAKE tokens from 275 million to 265 million. As a result, this development led to an 18% increase in the price of CAKE, increasing its market capitalization to $894 million.

CAKE market cap currently at $896.764 million. Chart: TradingView.com

Cryptocurrency burning plays a pivotal role in the digital asset sector by reducing the supply of assets, increasing demand and increasing the value and price of cryptocurrencies.

Previously, the network presented a proposal to limit the maximum supply to 450 million to recover losses from the CAKE cryptocurrency, but this has not yet been implemented. Meanwhile, the team will continue to burn significantly to support price movements until a replacement decision is made.

Weekly token burns represent PanCakeSwap’s commitment.

The PancakeSwap team has further disclosed their intention to continue these token burns on a weekly basis, demonstrating their commitment to this approach until a decision to change is made.

This reduction in supply, coupled with an optimistic technical outlook, is expected to maintain a strong recovery trend in CAKE prices.

CAKE seven-day price action. Source: Coingecko

Meanwhile, the coin’s 24-hour trading volume increased 37% to $284 million, with a one-month increase of over 50%. Moreover, the token reached a 30-day high of $3.65 on Tuesday.

As of the latest update, CAKE remains bullish, with trading volume up 27% the previous day and up more than 6% within an hour of the most recent token burn.

The altcoin has also captured the attention of the crowd, with daily trading volume increasing by 75% to $330 million, although it remains down 90% from its all-time high of $44.20 in April 2021.

Featured image from Shutterstock

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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