PanCakeSwap Community Overwhelmingly Supports Token Supply Cut Proposal
The PanCakeSwap community has shown strong support for the network’s proposal to cut the token supply. The voting process, which started on December 28, received over 95% votes in favor of reducing the supply from 750 million to 450 million tokens.
Details of the Voting Results
A total of 732 users participated in the vote, with 96.71% supporting the proposal and 3.29% opposing it. The voting panel will close after 24 hours on December 29.
Reasons for Token Supply Cut
The previous token supply cut proposal received significant backing from the community and X platform. The team believes that reducing the supply will help reverse the declining CAKE price and provide better incentives for investors.
CAKE Price Rally
Since the token supply cut proposal, the CAKE crypto price has been surging. It is currently trading at $3.96, representing a 9.01% increase in the past 24 hours. Over the past month, it has risen by 77%, and weekly gains are over 55% due to the proposal.
Impact of Token Burns
The recent burn of 10 million tokens worth $34 million contributed to a 20% rally in CAKE price. The network plans to continue burning tokens weekly, which could further boost the value of the CAKE token.
Hot Take: PanCakeSwap Community Supports Token Supply Cut, Fueling Price Rally
The PanCakeSwap community has overwhelmingly supported the token supply cut proposal, leading to a surge in CAKE crypto price. With more than 95% votes in favor, the community believes that reducing the supply will benefit investors and help improve the declining price. The recent token burns and the promise of regular burns have also contributed to the price rally. As a result, CAKE’s value has risen by over 77% in the past month, and it continues to climb towards the $4 mark. The PanCakeSwap team’s efforts to address the token supply issue are receiving positive feedback from the crypto community.
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