Pancakeswap (CAKE), is one of the cryptocurrencies that has grown steadily in the background. Popularity of the DEX contributed greatly to its growth until it was taken by the bear market, like many other digital assets. New developments have opened new doors. Millions of CAKE tokens are now out of circulation.
7 million burned CAKE
scheduled burnMillions of CAKE tokens had been taken from circulation. Pancakeswap tweeted the announcement of the fire, with numbers showing that 7,123.715 CAKE had been actually sent to an address. This totaled to $29million.
Additionally, growth was reported in various areas. First, a 17% rise in trading fees which accounted for 334,000 CAKE with a $1.38 Million dollar value. The dollar value for pottery and lottery was $166,000. There was a 28% rise in trading fees, accounting for 40,000 CAKE. NFT Market, Profile and Factory saw the greatest increase with 16,000 more CAKE and $65,000 respectively.
CAKE gets support beyond $4| Source: CAKEUSD on TradingView.com
Some other items were also listed, including the Prediction and Auction. With 15,000 CAKE having a value of $62,000 and the auction declining by 1% respectively, Prediction saw an 18% drop with 75,000 CAKE. The equivalent in dollars of $308,000.
Are you ready for another bounce?
The burn announcement had sent CAKE’s price on an initial impressive rally that saw it break above $4.2. CAKE had been trending at $4 until the release of the burning news.
However, the uptrend didn’t last long as momentum had died down. The hype surrounding the announcement of the burn clearly fueled the first bounce, and a correction was inevitable. This trend usually has another bounce once the digital assets find their footing.
CAKE now has support at $4, which puts it well above its 50-day moving mean. Decentralized exchanges like Pancakeswap will see increased volume due to the rising popularity of decentralized financial (DeFi), following the Ethereum Merge. This volume will lead to a greater demand for digital assets like CAKE. The price of digital assets is likely to rise towards $5.
CAKE’s price is up 1.16% in the last 24 hours and ranks 3rd on the list of top trending coins on Coinmarketcap at the time of this writing. The market cap for CAKE is $577.8 million. It ranks 68th in cryptocurrency market value.
Featured image taken from The Coin Republic. Chart from TradingView.com
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