PancakeSwap

Momentum

Million

Coin

<ul class="list-ic vertical">
 <li><span>1</span> <a>PancakeSwap has suggested lowering the CAKE token supply by 300 Million.</a></li>
 <li><span>2</span> <a>The CAKE coin price surged by more than 66% last week.&nbsp;</a></li>
</ul>
<p>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.</p>
<h2 class="wp-block-heading" id="strong-the-suggestion-to-cut-300-million-in-supply-strong"><strong>The Suggestion to cut 300 Million in Supply</strong></h2>
<p>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.</p>
<p>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.&nbsp;</p>
<p>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.</p>
<p>The <a href="https://www.thecoinrepublic.com/2023/12/30/axelar-price-prediction-a-bullish-outlook-for-upcoming-years/" target="_blank" rel="noopener noreferrer nofollow">CAKE protocol </a>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.</p>
<p>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.&nbsp;</p>
<p>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.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-cake-coin-price-strong"><strong>Technical Analysis and Prediction of the CAKE Coin Price&nbsp;</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/AmNkV12NGFbU2Z0iIdjS3A3rpwmj7GHFLS5zYOSbCCTfRJfGCTfGy5FVT9igeJK1i-RJ6D_KtN3VYOq_CTuuF6MaDCYAzKNWtz2ff-gcGmcCjaMCWKSvafN20ofNidhAW0l0WDu2sAongDHB60RDXYQ" alt="CAKE Coin Price: Bullish Momentum Yet Again, 66% Up in a Week">
  <figcaption class="wp-element-caption"><a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=BINANCE%3ACAKEUSDT" rel="noopener noreferrer nofollow">CAKE/USDT</a> chart by TradingView (daily time frame)
  </figcaption>
 </figure>
</div>
<p>The CAKE price chart is showing a bullish trend, having reached $3.596, which is slightly below its immediate resistance level of $3.586.</p>
<p>Investors and traders have gained confidence as the coin surpassed its first support level of $2.723. The RSI indicates that the price is already in the overbought zone.&nbsp;</p>
<p>Overall, the price prediction for the CAKE coin is positive, however, the bullish investors are facing rejection at the current resistance level.&nbsp;</p>
<figure class="wp-block-table aligncenter">
 <table>
  <tbody>
   <tr>
    <td><strong>Pivot</strong></td>
    <td><strong>Classic</strong></td>
    <td><strong>Fibonacci</strong></td>
    <td><strong>Camarilla</strong></td>
    <td><strong>Woodie</strong></td>
   </tr>
   <tr>
    <td>S3</td>
    <td>—</td>
    <td>0.482</td>
    <td>1.832</td>
    <td>—</td>
   </tr>
   <tr>
    <td>S2</td>
    <td>0.482</td>
    <td>1.105</td>
    <td>1.982</td>
    <td>0.525</td>
   </tr>
   <tr>
    <td>S1</td>
    <td>1.382</td>
    <td>1.490</td>
    <td>2.131</td>
    <td>1.467</td>
   </tr>
   <tr>
    <td>P</td>
    <td>2.113</td>
    <td>2.113</td>
    <td>2.113</td>
    <td>2.156</td>
   </tr>
   <tr>
    <td>R1</td>
    <td>3.013</td>
    <td>2.736</td>
    <td>2.431</td>
    <td>3.098</td>
   </tr>
   <tr>
    <td>R2</td>
    <td>3.744</td>
    <td>3.121</td>
    <td>2.580</td>
    <td>3.787</td>
   </tr>
   <tr>
    <td>R3</td>
    <td>5.375</td>
    <td>3.744</td>
    <td>2.730</td>
    <td>4.729</td>
   </tr>
  </tbody>
 </table>
</figure>
<h4 class="wp-block-heading"><strong>Conclusion</strong>&nbsp;</h4>
<p>The community has supported the proposal of cutting 300 Million supply with 99.95% votes. The current CAKE coin trend is bullish but the investors may go through a short consolidation phase around the current resistance level</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $2.73 and $2.14</li>
 <li><strong>Resistance Levels:</strong> $3.56 and $4.28</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.</p>

CAKE Coin Price: Bullish Momentum Yet Again, 66% Up in a Week

Table of Contents

Thecoinrepublic.com

Other articles published on Dec 31, 2023

Ethereum Rich List 2023: Who Are The Top 10 Largest ETH Holders?

Vitalik Buterin reveals 6 main focuses for Ethereum in 2024

Casper Price (CSPR) Rose 43% in Dec; What Bulls Want to Convey?

How to HACK Binance: Turning $1,800 into $568K with a 39x Long on Solana – Inside the High-Stakes...

Bitcoin (BTC) Price Prediction After Bitcoin ETF Approval

These 5 Tokens Can Perform Better Than Solana (SOL)

Join our free newsletter for daily crypto updates!