PancakeSwap

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In its latest burn report, PancakeSwap revealed it had burned 0.089% of the CAKE total supply, achieving a negative net in November 2023. 
According to a <a href="https://blog.pancakeswap.finance/articles/november-2023-pancake-swap-s-cake-burn" target="_blank" rel="noopener">blog announcement</a>, the <a href="http://crypto.news/tag/pancakeswap" target="_blank" rel="noreferrer noopener">PancakeSwap</a> team has burned a total of 351,962 CAKE tokens in November 2023, which at current prices valued at nearly $880,000. 
As noted by the team, the latest burn marks the third consecutive month of CAKE total supply reduction, with a cumulative -712,667 CAKE net mint over September, October, and November 2023. Amid the news, CAKE price jumped nearly 7%, surging up to $2.5, according to data from CoinGecko. 
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 <img loading="lazy" decoding="async" width="942" height="415" src="https://crypto.news/app/uploads/2023/12/uhasduas.png" alt="PancakeSwap unveils November burn report, CAKE jumps 6.7% - 22" class="wp-image-14224158">
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 CAKE price in USD | Source: Coingecko
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As of November 2023, PancakeSwap&nbsp;achieved a net mint of -351,962 CAKE, noting that more CAKE tokens were burned than minted during the month. 
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PancakeSwap burns CAKE tokens in an effort to make deflation higher than emission by building deflationary mechanisms into its products. As noted on PancakeSwap’s <a href="https://docs.pancakeswap.finance/governance-and-tokenomics/cake-tokenomics/controlling-cake-supply" target="_blank" rel="noreferrer noopener">official website</a>, the goal is “for more CAKE to leave circulation than the amount of CAKE that’s produced.” 
With the latest update, CAKE now has a hard cap of 750 million tokens. However, the developers admitted they don’t want to reduce token emission too frequently in a bid to “still incentivize people to provide liquidity.” 
 Read more: <a href="https://crypto.news/pancakeswap-launches-asset-management-feature/"> PancakeSwap launches asset management feature </a>

PancakeSwap unveils November burn report, CAKE jumps 6.7%

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