Decentralized Exchange PancakeSwap Announces Massive CAKE Token Burn Amid Rising Trading Fees

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.

Timeline of Pancakeswap

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.

Story Highlights The live price of CAKE token is . PancakeSwap price can go as high as $3.42 by the end of 2023. CAKE with a potential surge could go as high as $9.94 by the end of 2030. The ever-evolving crypto space is home to a host of promising and competent projects.

With Bitcoin crossing the $35K level, the altcoins are booming especially the DeFi sectors. The Top DeFi tokens are breaking multiple resistances to give double digit returns over the last week and teases an uptrend continuation. In the last 24 hours, the top DeFi token performers are DYDX, RUNE, and CAKE.

Decentralized exchange (DEX) protocol PancakeSwap (CAKE) is leading the price charge today following its most dramatic price resurgence in recent times. At the time of writing, data from CoinMarketCap pegs the price of the token at $2.60, up by 20% in the past 24 hours, its best price in seven months.