Bullish Momentum Yet Again, 66% Up in a Week
The post Bullish Momentum Yet Again, 66% Up in a Week appeared on BitcoinEthereumNews.com.
CAKE coin (CAKE/USDT) is on an uptrend again after consolidating for almost a month. The coin made a surge of 66% in just a week. The Suggestion to cut 300 Million in Supply Decentralized cryptocurrency exchange, PancakeSwap suggested lowering the CAKE token’s 300 Million supply. The decentralized autonomous organization (DAO) behind PancakeSwap came up with this idea. The voting period began on Thursday and will last until Friday. Over 99.95% of the CAKE holders, representing 70,000 votes, supported the proposal shortly after it was introduced. The reduction in CAKE token supply will enable PancakeSwap to pursue further growth across all deployments, according to a team member. Chef Mochi, head of PancakeSwap, stated in a Telegram message that the team believes the new and lower cap of 450 Million CAKE will be enough to attain market share across all chains and sustain the veCAKE model. The current circulating supply of CAKE is 388 Million. The CAKE protocol received support from over 98% of voters for its proposal to restrict the total number of CAKE tokens at 450 Million. With 388 Million CAKEs in total supply at the moment, a lower cap is anticipated to aid the initiative in growing its market share throughout all channels. Token inflation has been a problem for the CAKE community since its founding in 2021, and the team is now making efforts to lower the overall supply and steer clear of hyperinflation. The team behind the project believes that a 450 Million ceiling on CAKE production is fair since it guarantees enough supply for future expansion and allows the token to maintain its deflationary nature over time. Technical Analysis and Prediction of the CAKE Coin Price CAKE/USDT chart by TradingView (daily time frame) The CAKE price chart is showing a bullish trend, having reached $3.596, which…
Filed under: News - @ December 31, 2023 5:12 pm