As a seasoned researcher with extensive experience in the cryptocurrency and blockchain industry, I’ve witnessed the dynamic nature of this space firsthand. The recent news of PancakeSwap burning 8.89 million CAKE tokens worth around $18 million is an intriguing development that warrants closer examination.
As a token analyst, I’d rephrase that statement as follows: On Monday, I observed that PancakeSwap, the prominent decentralized exchange (DEX) operating on the Binance Smart Chain (BSC), burned approximately 8.89 million of its native CAKE tokens, equivalent to around $18 million in value. Based on the official announcement, these tokens were primarily sourced from the exchange’s various fees collections.
PancakeSwap on a Token Burning Spree
The PancakeSwap team has destroyed approximately 1.384 billion CAKE tokens, the value of which is roughly equivalent to 4.7 million BNB coins or around $2.79 billion. Based on available on-chain information, PancakeSwap executed five significant token burns in July – a noteworthy marketing tactic favored by many web3 initiatives.
Additionally, as more people adopt digital assets and web3 platforms, the ongoing destruction of tokens through burning becomes more significant with increasing demand. This trend, also observed in projects like Binance Coin (BNB) and Shiba Inu (SHIB), drives up the worth of existing tokens.
According to a previous report by Coinspeaker, the Binance team has recently announced that they have burned over 1.6 million BNB units, which is equivalent to over $971 million in value.
The significant burnings of tokens on the Binance network will be essential for Binance Coin (BNB) to retake and preserve its place as one of the top-valued digital assets, surpassing Solana (SOL) in the fourth spot based on current market information.
Growing Ecosystem
As an analyst, I’ve observed that the PancakeSwap project has experienced remarkable growth following the widespread adoption of web3 technology. With over 1.7 million on-chain holders, this decentralized exchange (DEX) has become a popular choice among users. According to recent market data, the total value locked within the PancakeSwap DEX surpasses $1.8 billion.
The PancakeSwap team has broadened its horizons and established a presence on various other chains over the course of time, namely Ethereum (ETH), Aptos (APT), and Arbitrum (ARB).
The PancakeSwap team is getting ready to debut the new V4 platform around this year, which aims to boost interaction among community members regarding liquidity contribution and heighten the safety of swap exchanges.
As a crypto investor, I’ve noticed that PancakeSwap, which is currently one of the popular decentralized exchanges (DEXs), faces formidable competition from other platforms like Uniswap (UNI), Bakeryswap (BAKE), and Sushi Swap, to name a few. However, what sets PancakeSwap apart is its thriving online community. This dedicated group of users ensures that the platform remains competitive and sustainable in the long run.
CAKE Price Rebounds
Amidst Bitcoin‘s (BTC) recent surge past $69,000 on Monday, there are signs of an imminent bullish run for CAKE as well. According to current market information, CAKE’s price has risen by over 3% in the last 24 hours and was trading at approximately $2.03 during early sessions in New York.
Technical analysis indicates that CAKE‘s price has been revisiting the significant bullish trendline breakout over the past few months. With a robust weekly support line forming over several years, CAKE’s price is poised for an imminent strong surge, potentially reaching double-digit figures in the short term.
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2024-07-29 16:54