{"id":567054,"date":"2023-12-27T08:00:53","date_gmt":"2023-12-27T08:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=567054"},"modified":"2023-12-27T08:00:53","modified_gmt":"2023-12-27T08:00:53","slug":"pancakeswap-soars-over-50-after-10-million-tokens-burned-details","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/pancakeswap-soars-over-50-after-10-million-tokens-burned-details\/","title":{"rendered":"PanCakeSwap Soars Over 50% After 10 Million Tokens Burned – Details"},"content":{"rendered":"

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.<\/a><\/p>\n

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.<\/p>\n

Related Reading: Ethereum: Balancing Act At $2,300 \u2013 Scaling The Heights Or Facing A Looming Drop?<\/a><\/div>\n

Strategic Token Burn Propels PanCakeSwap Ascendancy<\/strong><\/h2>\n

One of the key strategies contributing to PancakeSwap’s success lies in its proactive approach to managing token supply.<\/p>\n

In a strategic move to boost scarcity and create a more attractive investment proposition, PancakeSwap executed a token burn<\/a>, incinerating more than 10 million CAKE tokens, valued at approximately $34 million, on December 26.<\/p>\n

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).<\/p>\n

\n

\ud83d\udd25 10,166,225 $CAKE<\/a> just burned – that\u2019s $34M!<\/p>\n

\ud83d\udcb0 Trading fees (AMM V2): 132k CAKE ($438k) -29%
\n\ud83d\udcb0 Trading fees (AMM V3): 79k CAKE ($260k) -23%
\n\ud83d\udcb0 Trading fees (Non-AMM like Perpetual, Position manager etc): 4k CAKE ($1k) -98%
\n\ud83d\udd2e Prediction: 34k CAKE ($112k) -27%
\n\ud83c\udf9f\ufe0f Lottery &\u2026 pic.twitter.com\/veRsDhcFFB<\/a><\/p>\n

\u2014 PancakeSwap\ud83e\udd5eEveryone’s Favorite DEX (@PancakeSwap) December 26, 2023<\/a><\/p><\/blockquote>\n

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.<\/p>\n

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.<\/p>\n

CAKE market cap currently at $896.764 million. Chart: TradingView.com<\/a><\/pre>\n
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.<\/p>\n
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.<\/p>\n
Weekly Token Burns Signal PanCakeSwap’s Commitment<\/strong><\/h2>\n
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.<\/p>\n
This diminishing supply, coupled with the optimistic technical outlook, is anticipated to sustain a robust recovery trend in CAKE price.<\/a><\/p>\n
\"\"CAKE seven-day price action. Source: Coingecko<\/pre>\n
Related Reading: Looking Deeper: Can ATOM Sustain Its 13% Surge Beyond The Network Buzz?<\/a><\/div>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Featured image from Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u2013 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). \ud83d\udd25 10,166,225 $CAKE just burned – that\u2019s $34M! \ud83d\udcb0 Trading fees (AMM V2): 132k CAKE ($438k) -29% \ud83d\udcb0 Trading fees (AMM V3): 79k CAKE ($260k) -23% \ud83d\udcb0 Trading fees (Non-AMM like Perpetual, Position manager etc): 4k CAKE ($1k) -98% \ud83d\udd2e Prediction: 34k CAKE ($112k) -27% \ud83c\udf9f\ufe0f Lottery &\u2026 pic.twitter.com\/veRsDhcFFB \u2014 PancakeSwap\ud83e\udd5eEveryone’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<\/p>\n","protected":false},"author":557,"featured_media":567061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,83647,86724,6664,83578],"class_list":["post-567054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-cake","tag-cake-price","tag-crypto","tag-pancakeswap"],"acf":[],"yoast_head":"\nPanCakeSwap Soars 50% After 10 Million Tokens Burned - Details<\/title>\n<meta name=\"description\" content=\"The recent increase in value of PancakeSwap has captured the attention of the cryptocurrency community, as its token, CAKE, witnessed an extraordinary 54%\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/pancakeswap-soars-over-50-after-10-million-tokens-burned-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PanCakeSwap Soars 50% After 10 Million Tokens Burned - 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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