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When Bitcoin, which exceeded $ 42,000, fell back to $ 41,500, there were also declines in altcoins.
One of these altcoins was PancakeSwap ($CAKE).
Burning news came from $CAKE, which dropped from 2.42 dollars to 2.30 dollars, and the burning news was positively reflected in the price.
Sharing on account X, the PancakeSwap team announced that 8,808,741 $CAKE tokens worth $21 million were burned.
🔥 8,808,741 $CAKE just burned – that’s $21M!
đź’° Trading fees (AMM V2): 170k $CAKE ($413k) +30%
đź’° Trading fees (AMM V3): 95k $CAKE ($231k) -2%
đź’° Trading fees (Non-AMM like Perpetual, Position manager etc): 1k $CAKE ($2k)
đź”® Prediction: 42k $CAKE ($103k) +1%
🎟️ Lottery & Pottery:… pic.twitter.com/HlWdgj9Wkm— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) December 4, 2023
Following this burning news, the $CAKE price increased by 2%.
$CAKE continues to trade at $2,414 at the time of writing.
What is PancakeSwap ($CAKE)?
$CAKE, a decentralized finance application, is an automated market maker.
PancakeSwap allows users to exchange and farm tokens. It runs on the $CAKE BSC network, which was launched in September 2020.
*This is not investment advice.
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coindesk.com
cryptopolitan.com