Amidst PancakeSwap\u2019s proposal to burn 300 million CAKE and reduce the total supply from 750 million to 450 million CAKE, on-chain data indicates that a whale has been moving a significant amount of CAKE, the decentralized exchange\u2019s governance token.<\/p>\n
According to a report from\u00a0Scopescan<\/a>, a blockchain analytics platform, a whale has moved approximately 1.7 million CAKE worth $1.3 million in the past week from Binance<\/a>, Gate.io, and Bitget to a series of crypto addresses. The timing of this transfer is noteworthy since it coincides with key voting that would permanently shape PancakeSwap\u2019s tokenomics.<\/p>\n The proposed token burn is gathering significant support, with over 90% of CAKE holders in agreement. According to the\u00a0proposer<\/a>, reducing the total supply to 450 million CAKE is reasonable. It would also ensure sufficient supply for future growth while achieving \u201cultrasound CAKE.\u201d <\/p>\n Herein, the idea is to make CAKE deflationary over the long term, and this may support prices as PancakeSwap continues to play a vital role in token swapping in the broader BNB Chain ecosystem.\u00a0<\/p>\n According to DeFiLlama data<\/a>, PancakeSwap is the largest DEX in the BNB Chain ecosystem, with a total value locked (TVL) of $1.6 billion, commanding roughly half of the network\u2019s TVL of around $3.5 billion. Notably, PancakeSwap has been resilient and continues to evolve, shaking off competition even after the deployment of Uniswap v3 on the BNB Chain. <\/p>\n In the past 24 hours, PancakeSwap has generated over $815,000 in fees, more than 7.5X that of Venus, a lending protocol, the second largest in the BNB Chain ecosystem.<\/p>\n Notably, the token burn proposal also comes when PancakeSwap is undergoing significant changes, including the recent\u00a0introduction<\/a> of veCAKE and Voting gauges, whose voting concluded on November 22. With this proposal passing with over 99% community support, veCAKE holders can now vote on where future CAKE farm emissions will be directed. <\/p>\n This gives CAKE holders greater governance influence. Supporters maintain that this crucial decision makes the DEX more decentralized and community-facing.\n<\/p>\n Ahead of PancakeSwap\u2019s plans to burn 300 million CAKE, prices have been rallying. From the weekly chart, CAKE is up by over 260% from 2023 lows, roaring as demand increases. While bullish, bulls are yet to reverse losses of this year. A critical resistance level remains at around $5. A solid, high-volume break above this line could propel CAKE to around $10 in the coming months.<\/p>\n <\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Amidst PancakeSwap\u2019s proposal to burn 300 million CAKE and reduce the total supply from 750 million to 450 million CAKE, on-chain data indicates that a whale has been moving a significant amount of CAKE, the decentralized exchange\u2019s governance token.<\/p>\n According to a report from\u00a0Scopescan<\/a>, a blockchain analytics platform, a whale has moved approximately 1.7 million CAKE worth $1.3 million in the past week from Binance<\/a>, Gate.io, and Bitget to a series of crypto addresses. The timing of this transfer is noteworthy since it coincides with key voting that would permanently shape PancakeSwap\u2019s tokenomics.<\/p>\n The proposed token burn is gathering significant support, with over 90% of CAKE holders in agreement. According to the\u00a0proposer<\/a>, reducing the total supply to 450 million CAKE is reasonable. It would also ensure sufficient supply for future growth while achieving \u201cultrasound CAKE.\u201d <\/p>\n Herein, the idea is to make CAKE deflationary over the long term, and this may support prices as PancakeSwap continues to play a vital role in token swapping in the broader BNB Chain ecosystem.\u00a0<\/p>\n According to DeFiLlama data<\/a>, PancakeSwap is the largest DEX in the BNB Chain ecosystem, with a total value locked (TVL) of $1.6 billion, commanding roughly half of the network\u2019s TVL of around $3.5 billion. Notably, PancakeSwap has been resilient and continues to evolve, shaking off competition even after the deployment of Uniswap v3 on the BNB Chain. <\/p>\n In the past 24 hours, PancakeSwap has generated over $815,000 in fees, more than 7.5X that of Venus, a lending protocol, the second largest in the BNB Chain ecosystem.<\/p>\n Notably, the token burn proposal also comes when PancakeSwap is undergoing significant changes, including the recent\u00a0introduction<\/a> of veCAKE and Voting gauges, whose voting concluded on November 22. With this proposal passing with over 99% community support, veCAKE holders can now vote on where future CAKE farm emissions will be directed. <\/p>\n This gives CAKE holders greater governance influence. Supporters maintain that this crucial decision makes the DEX more decentralized and community-facing.\n<\/p>\n Ahead of PancakeSwap\u2019s plans to burn 300 million CAKE, prices have been rallying. From the weekly chart, CAKE is up by over 260% from 2023 lows, roaring as demand increases. While bullish, bulls are yet to reverse losses of this year. A critical resistance level remains at around $5. A solid, high-volume break above this line could propel CAKE to around $10 in the coming months.<\/p>\nIs CAKE Ready For $10?\u00a0<\/h2>\n
Whale Is Moving Tokens As Key PancakeSwap Voting Event Proceeds<\/h2>\n
Is CAKE Ready For $10?\u00a0<\/h2>\n