The PanCakeSwap community has provided an overwhelming response to the network’s token supply cut proposal. On Thursday, December 28, 2023, the PanCakeSwap team initiated the voting process for the proposal of token supply cut to 450 million from 750 million. Within a few hours, it garnered more than 95% votes in favor.
At the time of writing, a total of 732 users voted to decide whether or not the PanCakeSwap token supply cut should be executed. Out of these, 96.71% voted in favor while the remaining 3.29% opposed the proposal. The voting panel would cease operating on Friday, December 29, 2023, after completing 24 hours since initiation.
Earlier, when the CAKE token supply cut proposal was made on December 21, the move received strong support in the community forum and on X. The team noted that reducing the total supply could aid in reversing the prolonged losses in CAKE price. Also, they mentioned that they would be able to provide accurate incentives to investors by reducing the token supply to 450 million.
Also Read: PancakeSwap Proposes Token Supply Cut To 450 Mln, Will CAKE Price Recover?
Ever since the token supply cut proposal was made, the CAKE crypto price has been soaring. On Thursday, after the voting panel opened, the gains continued and the crypto is now rallying towards the $4 mark. At press time, the PanCakeSwap crypto was trading at $3.96, indicating a surge of 9.01% in the past 24 hours.
Furthermore, in the past month, it has soared over 77%. Whilst, the PanCakeSwap crypto weekly gains extended to more than 55% owing to the token supply cut proposal. The CAKE market cap was recorded at $1.05 billion, up by 9.66%. However, the 24-hour trade volume plunged by 24.14% to $317 million.
As reported by Coingape earlier, on Tuesday, the CAKE crypto price rallied over 20% as the PanCakeSwap team burned over 10 million tokens worth $34 million. Moreover, the network plans to conduct such burns every week, which could propel the CAKE token to gain further.
Also Read: PancakeSwap Price Prediction: What’s Next For $CAKE After 68% Weekly Surge?
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