PancakeSwap Burns Over 9.2M CAKE Worth More than $27M, Signaling Huge Bullish Uproar Soon

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To decrease the supply of its token and promote deflation, PancakeSwap (CAKE), the top decentralized exchange on Binance Smart Chain (BSC), has revealed that it has already destroyed 9,219,752 CAKE tokens, valued at over $27 million. This action brings the total amount of burned CAKE tokens to over 1.25 billion, equivalent to more than $3.7 billion. Thus, around 76.4% of the presently circulating CAKE supply has been removed from circulation.

Direct Impact on CAKE Prive Action

During the crypto market’s recent recovery after a volatile weekend, the price of CAKE surged by over 8% in the last 24 hours, reaching approximately $2.94 during early trading sessions in New York on Monday. According to available data from the blockchain, there are currently over 1.63 million unique CAKE wallets with non-zero balances, which have facilitated nearly 200 million transactions.

Significantly, the CAKE token is a mid-sized cryptocurrency with an approximate total value of $1.1 billion and a typical daily trading volume of around $116 million.

Due to strong market interest in CAKE, boasting a liquidity reserve of more than $86 million in popular cryptocurrencies, its value is expected to climb further towards its record-high price (ATH). Technically speaking, the graph of CAKE’s value against the US dollar has been shaping like an upward-pointing megaphone, implying a forthcoming significant price increase.

In addition, the influence of Bitcoin is expected to reach a record low in the near future based on a weekly discordance in the RSI’s moving averages.

#Altseason will Start after Bitcoin Halving. ⌛️

Keep holding onto your altcoin investments, resist the urge to sell in a hurry. The time for altcoin season may still be ahead of us! #Cryptocurrency #AlternativeCoins #Bitcoin

— Captain Faibik (@CryptoFaibik) April 13, 2024

Growing PancakeSwap (CAKE) Ecosystem

PancakeSwap has formed alliances recently to make it easier for people to use digital assets. Last week, PancakeSwap revealed a collaborative effort with Aperture Finance aimed at improving LP management through automation.

With the addition of Aperture Finance, PancakeSwap users now have access to intelligent tools for enhancing liquidity pool management across various blockchains.

PancakeSwap, the decentralized exchange (DEX), now spans across multiple chains including Ethereum, Aptos, Polygon zkEVM, Arbitrum, Linea, and Base, among others. The surge in on-chain activity driven by meme coins on both layer one and layer two networks has led to substantial growth for PancakeSwap.

Beyond this, PancakeSwap allows individuals to earn through supplying liquidity to various pools. Moreover, its DEX boasts of reasonably priced trading fees, making it a strong competitor within the exchange market.

🐰Last week at PancakeSwap

1. The trading volume for Arbitrum and Base 1B, featuring new CLAMM Options, has been updated with TWAP (Time-Weighted Average Price) and Limit orders.

— PancakeSwap v4🥞 (@PancakeSwap) April 15, 2024

Regulatory Scope

Although PancakeSwap functions as a decentralized finance platform, it may encounter regulatory challenges akin to those facing its Ethereum-counterpart, Uniswap (UNI). According to recent news from Coinspeaker, the US Securities and Exchange Commission (SEC) is investigating Uniswap for reportedly operating without obtaining necessary regulatory clearance.

Significantly, the US Securities and Exchange Commission (SEC) has maintained its position that most cryptocurrencies are subject to securities regulations, contradicting a recent court ruling on the issue.

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2024-04-15 18:19