PanCakeSwap Team Burns 10 Mln Tokens, CAKE Price Soars 25%
PanCakeSwap (CAKE), a popular player in the crypto arena, witnessed a massive burn on Tuesday. In a bid to curb the circulating supply of the CAKE crypto, over 10 million tokens were burned by the PanCakeSwap team. This move propelled the CAKE crypto price further as it rallied over 20% in today’s trading session.
PanCakeSwap Team Burns 10 Million Cake Tokens
In a recent post on X, the PanCakeSwap network announced that their team burned 10.16 million CAKE tokens (worth $34 million) on December 26. After the recent PanCakeSwap burn, the circulating supply declined from 275 million to 265 million. Currently, the total supply of PanCakeSwap stands at 386 million while the max supply is capped at 750 million.
However, the network had earlier proposed to cap the maximum supply at 450 million. The proposal was made to recover the losses that the CAKE crypto suffered after several declines. It is yet to be implemented, hence, the team will initiate massive burns in the meantime to assist price movement.
According to a recent statement by the team, these burns will be conducted on a weekly basis until decided otherwise. Initially, the December 26 PanCakeSwap burn was scheduled for Christmas, which was postponed due to technical issues.
Also Read: PancakeSwap Proposes Token Supply Cut To 450 Mln, Will CAKE Price Recover?
PanCakeSwap Price Soars Over 25%
The CAKE price witnessed a phenomenal hike as it gained 25.83% and traded at $3.64 at press time. After an hour of the 10 million token burn, the crypto had added 5.91% in value. Furthermore, the market cap increased by 23.22% to $957.45 million.
The demand for CAKE crypto also surged significantly. The 24-hour trade volume ascended by as much as 37.01% to $284.55 million. In addition, the 1-month gains extended over 52%. Moreover, it hit a new 30-day peak of $3.64 on Tuesday.
Earlier this month, the PanCakeSwap price hit a 30-day low of $2.11 and has recovered over 70% since. However, despite the recent price pump, CAKE’s value is still 92% lower than its all-time high of $44.18 recorded in April 2021.
Also Read: Top New Listings on Pancakeswap With Dates
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