What next for CAKE as PancakeSwap burns 8.5 million tokens?
๐ฅ PancakeSwap just burned 8.5 million $CAKE tokens, worth over $25M! ๐ฅ This major token burn follows a recent reduction in maximum supply to 450 million. The community-backed move aims for long-term stability and adoption in the DeFi ecosystem. ๐๐ผ
Trading fees, prediction, lottery, and more contributed to the burn. The CAKE community supports these regular burns, often coinciding with notable price movements. ๐๐ฅ
Currently priced around $2.95, up 1.2% in the past 24 hours. ๐ If sentiment improves post-market declines, CAKE might reclaim highs near $3.94. Buyers could defend the $2.00-$2.50 region. ๐๐ก๏ธ
Stay tuned for more updates on PancakeSwap's journey! ๐ฅ๐ฐ
