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SirWin
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SirWin

CAKE surges by 18% amid PancakeSwap’s new proposal

cake-surges-by-18-amid-pancakeswaps-new-proposal
Edited by
Markets
CAKE surges by 18% amid PancakeSwap’s new proposal

The decentralized cryptocurrency exchange (DEX) PancakeSwap team has announced plans to reduce the overall supply of CAKE tokens.

The DEX team proposes to reduce the total supply of native tokens from 750 million to 450 million. The proposal was made within the framework of the PancakeSwap deflationary model – a mechanism that reduces the number of tokens in circulation over time, which supports the value of the remaining tokens and can lead to an increase in their value.

https://twitter.com/PancakeSwap/status/1737757429721653305

“By reducing our token supply by 300,000,000 CAKE, we signal PancakeSwap’s successful pivot from a high-inflation emissions model to a much more efficient flywheel.”

PancakeSwap team

However, before making a final decision, PancakeSwap invites users to discuss the initiative on the forum to hear the community’s opinion.

Amid the supply, the exchange’s native token has risen 18% over the past 24 hours to $2.60 at the time of writing. CAKE‘s trading volumes also jumped nearly 175% in the last 24 hours, according to data from CoinMarketCap.

This image has an empty alt attribute; its file name is Screenshot-2023-12-21-at-14.35.01-1024x565.png
Cake price in 24 hours | Source: CoinMarketCap

Notably, at the beginning of the month, the developers did not want to burn tokens too often to “still encourage people to provide liquidity.”

The announcement came amid the backdrop of PancakeSwap’s November burn report, which stated that the exchange had burned 0.089% of the CAKE total supply, achieving a negative net.

In total, the project team burned 351,962 CAKE tokens in November 2023, at current prices valued at nearly $880,000. The ultimate goal of the PancakeSwap token burn is “for more CAKE to leave circulation than the amount of CAKE that’s produced.”