PancakeSwap

Burn

Uniswap

<p>Amidst PancakeSwap’s proposal to burn 300 million CAKE and reduce the total supply from 750 million to 450 million CAKE, on-chain data indicates that a whale has been moving a significant amount of CAKE, the decentralized exchange’s governance token.</p> 
<h2 id="whale-is-moving-tokens-as-key-pancakeswap-voting-event-proceeds">Whale Is Moving Tokens As Key PancakeSwap Voting Event Proceeds</h2> 
<p>According to a report from&nbsp;<a class="editor-rtfLink" href="https://twitter.com/0xScopescan/status/1740256650064527395" target="_blank" rel="noopener nofollow">Scopescan</a>, a blockchain analytics platform, a whale has moved approximately 1.7 million CAKE worth $1.3 million in the past week from <a href="https://www.newsbtc.com/binance/binance-compliance-officer-under-scrutiny-for-ftx-gemini-and-sex-trafficker-associations/" target="_blank" rel="noopener ">Binance</a>, Gate.io, and Bitget to a series of crypto addresses. The timing of this transfer is noteworthy since it coincides with key voting that would permanently shape PancakeSwap’s tokenomics.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-567254" src="https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463" alt="CAKE whale moving coins from exchanges | Source: Scopescan via X" width="1024" height="463" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463?w=1964 1964w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/GCah8vxawAAzOps.jpg?resize=1024%2C463?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>The proposed token burn is gathering significant support, with over 90% of CAKE holders in agreement. According to the&nbsp;<a class="editor-rtfLink" href="https://pancakeswap.finance/voting/proposal/0x3e014aab40f6551da9f76da0e62e44e9ece55c4997f220057bf3e42dc8307c2f" target="_blank" rel="noopener nofollow">proposer</a>, reducing the total supply to 450 million CAKE is reasonable. It would also ensure sufficient supply for future growth while achieving “ultrasound CAKE.” </p> 
<p>Herein, the idea is to make CAKE deflationary over the long term, and this may support prices as PancakeSwap continues to play a vital role in token swapping in the broader BNB Chain ecosystem.&nbsp;</p> 
<p>According to DeFiLlama <a href="https://defillama.com/chain/BSC" target="_blank" rel="noopener nofollow">data</a>, PancakeSwap is the largest DEX in the BNB Chain ecosystem, with a total value locked (TVL) of $1.6 billion, commanding roughly half of the network’s TVL of around $3.5 billion. Notably, PancakeSwap has been resilient and continues to evolve, shaking off competition even after the deployment of Uniswap v3 on the BNB Chain. </p> 
<p>In the past 24 hours, PancakeSwap has generated over $815,000 in fees, more than 7.5X that of Venus, a lending protocol, the second largest in the BNB Chain ecosystem.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-567253" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Screenshot104.png?resize=986%2C741" alt="PancakeSwap TVL | Source: DeFiLlama" width="986" height="741" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Screenshot104.png?resize=986%2C741?w=986 986w, https://www.newsbtc.com/wp-content/uploads/2023/12/Screenshot104.png?resize=986%2C741?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Screenshot104.png?resize=986%2C741?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Screenshot104.png?resize=986%2C741?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Screenshot104.png?resize=986%2C741?w=750 750w" sizes="(max-width: 986px) 100vw, 986px" data-recalc-dims="1"> 
<h2 id="is-cake-ready-for-10">Is CAKE Ready For $10?&nbsp;</h2> 
<p>Notably, the token burn proposal also comes when PancakeSwap is undergoing significant changes, including the recent&nbsp;<a class="editor-rtfLink" href="https://pancakeswap.finance/voting/proposal/0x9602c8f56d01f239b88ecf914ee263cc9cdd75b8d10ae4d9536fc27b2680849c" target="_blank" rel="noopener nofollow">introduction</a> of veCAKE and Voting gauges, whose voting concluded on November 22. With this proposal passing with over 99% community support, veCAKE holders can now vote on where future CAKE farm emissions will be directed. </p> 
<p>This gives CAKE holders greater governance influence. Supporters maintain that this crucial decision makes the DEX more decentralized and community-facing. </p> 
<p>Ahead of PancakeSwap’s plans to burn 300 million CAKE, prices have been rallying. From the weekly chart, CAKE is up by over 260% from 2023 lows, roaring as demand increases. While bullish, bulls are yet to reverse losses of this year. A critical resistance level remains at around $5. A solid, high-volume break above this line could propel CAKE to around $10 in the coming months.</p> <a href="https://www.tradingview.com/x/h3zgfwJL/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/h3zgfwJL/" alt="PancakeSwap price trending upward on the daily chart | Source: CAKEUSDT on Binance, TradingView" width="1147" height="848"></a>

PancakeSwap To Burn 300 Million CAKE, Why Is This Whale Moving Coins?

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