PanCakeSwap Team Burns 10 Million Cake Tokens
PanCakeSwap, a prominent player in the cryptocurrency space, recently announced that their team burned 10.16 million CAKE tokens on December 26. This move was aimed at reducing the circulating supply of the CAKE crypto and resulted in a decrease from 275 million to 265 million tokens. The total supply of PanCakeSwap currently stands at 386 million, with a maximum supply cap of 750 million. Although the team had proposed capping the max supply at 450 million to recover from previous losses, it has yet to be implemented. In the meantime, the team will continue to conduct weekly burns to support price movement.
PanCakeSwap Price Soars Over 25%
Following the token burn, the price of CAKE crypto experienced a significant surge, rising by 25.83% and reaching $3.64 at press time. Within an hour of the burn, the crypto’s value had already increased by 5.91%. The market cap also saw a notable increase of 23.22%, reaching $957.45 million. The demand for CAKE crypto has also grown substantially, with a 37.01% rise in the 24-hour trade volume to $284.55 million. Additionally, the crypto has achieved a 52% gain over the past month and hit a new 30-day peak of $3.64.
Despite this recent price pump, it’s important to note that CAKE’s value is still significantly lower than its all-time high of $44.18 recorded in April 2021.
Hot Take: PanCakeSwap Burns Tokens to Boost Crypto Price
PanCakeSwap made a strategic move by burning over 10 million CAKE tokens in order to reduce the circulating supply and potentially drive up the price of the cryptocurrency. This decision led to a surge in demand and a significant increase in the price of CAKE, with gains exceeding 25%. The market cap also experienced notable growth. While the crypto has made a strong recovery since hitting a 30-day low earlier this month, it is still far below its all-time high. By implementing regular token burns, PanCakeSwap aims to support price movement and enhance investor confidence in the project.
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