CAKE Token Supply Cut — Pancakeswap Community's Decisive Vote Spurs Market Surge

The Pancakeswap community has sanctioned a governance vote to eliminate 300 million CAKE tokens from the crypto asset's total supply. Records indicate that a substantial 97.88% of community votes supported the reduction of 300 million CAKE, decreasing the total supply from 750 million to 450 million CAKE tokens. Near-Unanimous Vote Cuts CAKE Supply On Dec.

Timeline of Pancakeswap

Story Highlights The live price of the CAKE token is . PancakeSwap price can go as high as $5.38 by the end of 2024. CAKE with a potential surge could go as high as $13.89 by the end of 2030. The ever-evolving crypto space is home to a host of promising and competent projects.

Amidst PancakeSwap's proposal to burn 300 million CAKE and reduce the total supply from 750 million to 450 million CAKE, on-chain data indicates that a whale has been moving a significant amount of CAKE, the decentralized exchange's governance token. Whale Is Moving Tokens As Key PancakeSwap Voting Event Proceeds According to a report from Scopescan, a blockchain analytics platform, a whale has moved approximately 1.7 million CAKE worth $1.3 million in the past week from Binance, Gate.io, and Bitget to a series of crypto addresses.

Popular decentralized exchange PancakeSwap has recently announced the burn of over 9 million of its native $CAKE tokens in a move that destroyed over $19 million worth of tokens, in a move that helps to reduce their circulating supply.

Lunanauts, a validator for LUNC, shared plans for a new collaboration to boost support for the LUNC cryptocurrency. This announcement gained attention in the crypto market, especially as it coincided with a decline in the token's price.

With a sideways trend growing in the over the past few days, the CAKE price trend shows a lack of bullish momentum to continue the prevailing trend. However, the losing the moment to catchup on the market-wide recovery trend, PancakeSwap delasy the bullish break.

Bouncing back with the marketwide recovery as Bitcoin crosses the $43K mark, the altcoins are gaining momentum. Banking on the newfound momentum, the CAKE price trend returns to form the trend continuation pattern. With a sharp overnight jump, Pancakeswap is approaching the overhead resistance of $2.74, teasing a breakout rally.

Concluding the bearish under the 50D EMA influence, the CAKE price sets a high-speed bull sprint after testing the psychological mark of $1. Breaking above the 50D EMA, the altcoin breaks multiple resistance levels and exceeds the 200D EMA. Crossing the $2 mark, the PancakeSwap price reaches the $2.

In a recent mysterious post, PancakeSwap caught the attention of the crypto community by highlighting the date of November 22 in a message on its social media. In this enigmatic post, PancakeSwap left the phrase: “Do you see what I see? 22.11.23.

PancakeSwap, a decentralized exchange (DEX), has strategically entered the blockchain gaming arena by introducing the PancakeSwap Gaming Marketplace. Launched recently, this platform currently showcases two games inspired by the exchange's quirky branding.

PancakeSwap launched a Gaming Marketplace allowing developers to build and publish blockchain games integrated with CAKE tokens and NFTs in order to capitalize on the growing GameFi niche.