Coinspeaker PancakeSwap Burns 8.88M Tokens Worth Over $18M, CAKE Price Gains 3%
Leading decentralized exchange (DEX) on the Binance Smart Chain (BSC), PancakeSwap (CAKE) burned 8,888,476 of its native tokens, worth around $18 million on Monday. According to the announcement, PamcakeSwap collected fees from its different versions, thus contributing to the latest burn.
PancakeSwap on a Token Burning Spree
The PancakeSwap team has so far burned 1.384 billion CAKE tokens, equivalent to about 4.7 million BNB coins worth around $2.79 billion. According to on-chain data, PancakeSwap conducted five major token burns in July, which is considered a top-notch marketing strategy by most web3 projects.
Moreover, the continued token burn amid the rising demand, from the mainstream adoption of digital assets and web3 platforms, increases the value of the existing tokens. A similar strategy is used by other projects led by BNB, and Shiba Inu (SHIB), among many others.
As Coinspeaker previously reported, the Binance team recently announced its quarterly burn of over 1.6 million BNB units, worth more than $971 million.
The notable token burns on the Binance network will play a crucial role in regaining and maintaining the fourth position as the most valuable digital assets. According to the latest market data, BNB had been outstripped by Solana (SOL) from the fourth position.
Growing Ecosystem
The PancakeSwap project has significantly benefited from the mainstream adoption of web3 technology, whereby it boasts more than 1.7 million on-chain holders. According to the latest market data, the PancakeSwap DEX has more than $1.8 billion in total value locked.
Over the years, the PancakeSwap team has expanded to other chains including Ethereum (ETH), Aptos (APT), and Arbitrum (ARB).
Currently, the PancakeSwap team is preparing to launch the V4 platform later this year to enhance community engagement in liquidity provision and security of underlying swap transactions.
The PancakeSwap is already facing significant competition from other DEX platforms led by Uniswap (UNI), Bakeryswap (BAKE), and Sushi Swap, among many others. Nonetheless, the PancakeSwap team has built a robust online community that guarantees its sustainable future growth prospects.
CAKE Price Rebounds
Amid the ongoing crypto rebound led by Bitcoin (BTC) price, which rallied over $69K on Monday, CAKE price has signaled an imminent bullish breakout on the horizon. According to the latest market data, CAKE price rallied over 3 percent in the past 24 hours to trade at about $2.03 on Monday during the early New York session.
From a technical standpoint, CAKE price has been retesting the macro bullish breakout in the last few months. Having established a multi-year logarithmic support on the weekly chart, CAKE price is on the cusp of a major bullish uproar towards double digits in the near term.
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PancakeSwap Burns 8.88M Tokens Worth Over $18M, CAKE Price Gains 3%
