- The last round burned roughly 3.75% of CAKE’s circulating supply.
- Fueled by the accumulation of whales, the outlook for the coin looked bullish.
pancake swap it put more than seven million CAKE tokens out of circulation as part of its burn program, which was aimed at adding deflationary pressure to the coin. The value of the burned tokens was $30 million.
🔥7,038,341 $cake I just got burned, that’s $30 million!
💰 Trading Fees (Exchange and Perpetual): 189,000 CAKE ($806,000) +20%
🔮 Prediction: 71k Cakes ($302k) +23%
🎟️ Lottery: 30k Cake ($130k) -10%
🔒 NFT Market, Profile and Factory: 566 CAKE ($2k) -26% pic.twitter.com/EB4qu8FVWV— PancakeSwap 🥞 #Multicadena (@PancakeSwap) February 20, 2023
According coin market cap, CAKE’s current offer stood at 187.32 million. This means that 3.75% of the circulating supply was burned in the last round. This development received a favorable response from investors, as CAKE rose 1.80% at press time.
Reading Pancakeswap (CAKE) Price Prediction 2023-2024
It’s a mixed bag on the net front.
PancakeSwap posted growth in some of its key performance indicators. Since hitting a monthly low on Feb. 11, the protocol’s trading fees are up 47% at press time, Token Terminal data showed.
This growth is fueled by the growing number of users on decentralized exchanges (DEXs), which grew by 21% in the last 10 days.
On the other hand, the DeFi protocol failed to show significant growth in its total value locked (TVL). The metric had yet to reach its pre-FTX levels.
Source: Defilama
Despite the aforementioned drop, DEX managed to storm the list of top income-paying crypto participants. At the time of writing, it accrued income $3.3 million in the last 30 days, as at the top of the chain Polygon (MATIC) AND bnb.
Whale eating cake?
Small and large whales showed interest in the cake. According to Sentiment, the month of February saw a significant increase in the number of addresses holding 1,000 to 1 million tokens. The accumulation of large addresses was a bullish sign for the CAKE price.
Source: Feeling
How much they cost 1,10,100 pies are worth today?
The token also found support from retail investors. Daily active addresses have more than doubled in the last 10 days.
The 30-day MVRV ratio is entering positive territory as of this writing, which means that most holders would make a profit if they sold their tokens at the current price. This was confirmed by a sharp increase in daily trading volume in profits.
Source: Feeling
The price of the cake increased more than 10% compared to the previous week. With hoarding activity picking up, investors can expect more gains in the coming days.
