PancakeSwap To Burn 300 Million CAKE, Why Is This Whale Moving Coins?
28 Dicembre 2023 - 6:00PM
NEWSBTC
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. The timing of this transfer is noteworthy since
it coincides with key voting that would permanently shape
PancakeSwap’s tokenomics. The proposed token burn is gathering
significant support, with over 90% of CAKE holders in agreement.
According to the proposer, reducing the total supply to 450
million CAKE is reasonable. It would also ensure sufficient supply
for future growth while achieving “ultrasound CAKE.” Herein, the
idea is to make CAKE deflationary over the long term, and this may
support prices as PancakeSwap continues to play a vital role in
token swapping in the broader BNB Chain ecosystem. Related
Reading: Axie Infinity Springs Back To Life With Surprise 35% Rally
– Details According to DeFiLlama data, PancakeSwap is the largest
DEX in the BNB Chain ecosystem, with a total value locked (TVL) of
$1.6 billion, commanding roughly half of the network’s TVL of
around $3.5 billion. Notably, PancakeSwap has been resilient and
continues to evolve, shaking off competition even after the
deployment of Uniswap v3 on the BNB Chain. In the past 24 hours,
PancakeSwap has generated over $815,000 in fees, more than 7.5X
that of Venus, a lending protocol, the second largest in the BNB
Chain ecosystem. Is CAKE Ready For $10? Notably, the token
burn proposal also comes when PancakeSwap is undergoing significant
changes, including the recent introduction of veCAKE and
Voting gauges, whose voting concluded on November 22. With this
proposal passing with over 99% community support, veCAKE holders
can now vote on where future CAKE farm emissions will be directed.
This gives CAKE holders greater governance influence. Supporters
maintain that this crucial decision makes the DEX more
decentralized and community-facing. Related Reading: MicroStrategy
Spends Another $615 Million On Bitcoin, Do They Know Something You
Don’t? Ahead of PancakeSwap’s plans to burn 300 million CAKE,
prices have been rallying. From the weekly chart, CAKE is up by
over 260% from 2023 lows, roaring as demand increases. While
bullish, bulls are yet to reverse losses of this year. A critical
resistance level remains at around $5. A solid, high-volume break
above this line could propel CAKE to around $10 in the coming
months. Feature image from Canva, chart from TradingView
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