7 Million Burned CAKE
A had seen millions of CAKE tokens taken out of circulation. Pancakeswap announced the burn on Twitter with figures showing that a total of 7,123,715 CAKE had actually been sent to a . The total dollar value came out to around $29 million. The team also reported growth across various spheres. The first was a 17% increase in trading fees, accounting for 334,000 CAKE and a dollar value of $1.38 million. Lottery and pottery saw a 28% increase with 40,000 CAKE with a dollar value of $166,000. The largest increase was in the NFT Market, Profile, and Factory, with a 215% increase of 16,000 CAKE and a dollar value of $65,000.CAKE finds support above $4 | Source:Others, such as the Prediction and Auction, were listed with declines. The auction had seen a decline of 1%, translating to 15,000 CAKE with a dollar value of $62,000, while Prediction dropped 18% with 75,000 CAKE, a dollar equivalent of $308,000.
Ready For Another Bounce?
The burn announcement had sent CAKE’s price on an initial impressive rally that saw it break above $4.2. The digital asset had initially been trending below $4 for the better part of last week before the news of the burn.Featured image from The Coin Republic, chart from TradingView.com
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