PancakeSwap

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Pancakeswap gains overwhelming community support for 300 million CAKE token supply reduction, bolstering market presence across chains. 
Pancakeswap, the third-largest decentralized exchange globally, recently witnessed a near-unanimous <a href="https://pancakeswap.finance/voting/proposal/0x3e014aab40f6551da9f76da0e62e44e9ece55c4997f220057bf3e42dc8307c2f" data-type="link" data-id="https://pancakeswap.finance/voting/proposal/0x3e014aab40f6551da9f76da0e62e44e9ece55c4997f220057bf3e42dc8307c2f" target="_blank" rel="noopener">community vote</a> on a governance proposal to reduce the <a href="https://crypto.news/price/pancakeswap/">CAKE</a> token supply by 300 million, shifting it from 750 million to 450 million. The resounding support of 97.8% underscored the community’s confidence in this move, aimed at enhancing market share across various chains and sustaining the VECAKE model. 
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 🐰💙PancakeSwap Fam, the moment is here! 🥞Proposal to reduce the max supply of <a href="https://twitter.com/search?q=%24CAKE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$CAKE</a> from 750M to 450M! 🌟By reducing our token supply by 300,000,000 <a href="https://twitter.com/search?q=%24CAKE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$CAKE</a>, we signify PancakeSwap’s successful shift from a high-inflation emissions model to the Ultrasound CAKE era. 🗳Vote for… <a href="https://t.co/3zCzoBBiRl" target="_blank">pic.twitter.com/3zCzoBBiRl</a>— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) <a href="https://twitter.com/PancakeSwap/status/1740281555887825335?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 28, 2023</a>
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Post-vote, CAKE displayed impressive performance, surging 42.6% against the U.S. dollar over the past week and achieving a notable 62% increase for the month. However, a minor 2.4% dip against the greenback occurred in the last day. 
 You might also like: <a href="https://crypto.news/todays-top-cryptocurrency-gainers-pancakeswap-sei-bnb/"> Today’s top cryptocurrency gainers: PancakeSwap, Sei, BNB </a> 
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 <img loading="lazy" decoding="async" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/12/chart-4-1024x1024.png" alt="Pancakeswap community backs 300m CAKE token supply cut - 26" class="wp-image-14232699">
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 7-day price chart of CAKE from December 22 – December 29
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Presently, CAKE boasts a market capitalization of $872 million, constituting 0.05% of the $1.75 trillion crypto economy. <a href="https://crypto.news/tag/pancakeswap/" data-type="link" data-id="https://crypto.news/tag/pancakeswap/">Pancakeswap</a>, with $1.66 billion in total value locked, has witnessed a <a href="https://crypto.news/cake-surges-by-18-amid-pancakeswaps-new-proposal/" data-type="link" data-id="https://crypto.news/cake-surges-by-18-amid-pancakeswaps-new-proposal/">16.8% increase</a> in the past month, reinforcing its standing in the decentralized exchange arena. 
Despite CAKE’s monthly surge, it remains 91.8% below its all-time high of $43.96 per coin in April 2021. CAKE’s current 24-hour intraday trading range fluctuates between $3.49 and $3.83 per unit. 
 Read more: <a href="https://crypto.news/pancakeswap-surges-92-as-defi-tokens-record-outsized-price-increases/"> PancakeSwap surges 92% as defi tokens record outsized price increases </a>

Pancakeswap community backs 300m CAKE token supply cut

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