CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death

Name	Symbol	Market	Market Cap ($)	Algorithm
PancakeSwap Token	CAKEUSD	Crypto	610,554,064	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

PancakeSwap Token

CAKEUSD

Crypto

610,554,064

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	2.60	1.15	2.90

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

2.60

1.15

2.90

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2.60	2.60	2.60	2.60	1.24 - 4.50

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2.60

1.24 - 4.50

Exchange	Last Trade	Size	Trade Price	Currency
CXIO	17:16:26	1.64	1.55	USD

Exchange

Last Trade

Size

Trade Price

Currency

CXIO

17:16:26

1.64

1.55

USD

Price x Volume	Volume	Base Symbol	Related Pairs
0.00000000	0.00000000	CAKE	CAKEEUR	CAKEGBP	CAKEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

0.00000000

CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death

06/09/2022 6:00pm

NEWSBTC

The Pancakeswap token (CAKE) has been one of those cryptocurrencies that have been steadily growing in the background. The popularity of the decentralized exchange (DEX) contributed tremendously to its rise until it took a hit in the bear market like other digital assets. However, a new development has opened up new promises as millions of CAKE tokens have been removed from circulation. 7 Million Burned CAKE A scheduled burn 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 burn address. The total dollar value came out to around $29 million. Related Reading: The September Curse: Why Bitcoin Price May Touch $10,000 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: CAKEUSD on TradingView.com 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. However, the uptrend didn’t last long as momentum had died down. This first bounce was obviously fueled by the hype created with the burn announcement, so a correction was expected. With a trend like this, though, there is usually another bounce that comes after the first once the digital asset finds its footing. Related Reading: Ethereum Nears Another Milestone Ahead Of Merge, Rally Incoming? CAKE has now found support right above the $4 level, which has landed it above the 50-day moving average. With the rise in the popularity of decentralized finance (DeFi) once more following the Ethereum Merge, decentralized exchanges such as Pancakeswap are expected to see more volume. With this volume will come a demand for digital assets such as CAKE, and this demand is expected to push the price of the digital asset towards $5. CAKE’s price is up 1.16% in the last 24 hours and ranks 3rd on the list of top trending coins on Coinmarketcap at the time of this writing. With a market cap of $577.8 million, it is the 68th largest cryptocurrency by market cap. Featured image from The Coin Republic, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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CAKEUSD PancakeSwap Token