Token

Burn

Value

Impact

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    <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>This burn event represents a substantial reduction in the circulating supply of CAKE. </strong></h4> 
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     It is expected to have a positive impact on the token’s value over time by decreasing supply. Let’s discover more about CAKE. Here is the <a href="https://bscscan.com/tx/0x248ad637f06ef17a3556cda784905f36992e93dd1e7f270792e0bd29a6ed99f5" target="_blank" rel="noopener">proof of burn</a>.
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<h5><strong>Impact of CAKE Burn on Token Value</strong></h5> 
<p>The burn was fueled by various sources of revenue within the PancakeSwap platform, including trading fees from both Automated Market Maker (AMM) versions, the prediction market, the lottery, and other non-AMM trading activities. Here’s a breakdown of the key contributors:</p> 
<p><strong>1) Trading Fees (AMM V2):</strong><br> The AMM V2 contributed 129,000 CAKE tokens, which is equivalent to $198,000. This represents a 33% increase from the previous week, indicating healthy trading activity on this version of the platform.</p> 
<p><strong>2) Trading Fees (AMM V3):</strong><br> AMM V3 generated 177,000 <a href="https://www.coingecko.com/en/coins/pancakeswap" target="_blank" rel="noopener">CAKE tokens</a>, valued at $273,000. However, this is a 14% decrease from last week, suggesting a shift in trading volume away from V3 or a general market slowdown.</p> 
<p><strong>3) Trading Fees (Non-AMM):</strong><br> Non-AMM trading activities, such as perpetual contracts and position managers, contributed 10,431 CAKE tokens, totaling $16,000. This segment saw an impressive 218% increase, signaling growing interest and usage of these alternative trading options.</p> 
<p><img decoding="async" class="wp-image-148144 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xvcvcnvbnghg-195x300.jpg" alt="" width="436" height="670"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/pancakeswap/status/1823011580847480862?s=43" target="_blank" rel="noopener">X</a></strong></h6> 
<p><strong>4) Prediction Market:</strong><br> The prediction market on PancakeSwap added 93,000 CAKE tokens, worth $143,000. This represents a 29% increase from the previous week, highlighting the rising popularity of this feature.</p> 
<p><strong>5) Lottery:</strong><br> The lottery system burned 31,000 CAKE tokens, valued at $47,000, showing an 11% increase. The continued engagement in the lottery suggests it remains a favored activity among users.</p> 
<p><strong>6) NFT:</strong><br> Though a smaller contributor, the <a href="https://pancakeswap.finance/nfts" target="_blank" rel="noopener">NFT market</a> accounted for 0.2k CAKE, equivalent to $400, showing a modest 6% increase.</p> 
<p><strong>7) Games:</strong><br> Lastly, <a href="https://pancakeswap.games/" target="_blank" rel="noopener">gaming activities</a> burned 2,000 CAKE tokens, valued at $2,400, also showing a 6% increase from the previous week.</p> 
<p>These burn events are crucial for the PancakeSwap ecosystem as they help manage inflation and can potentially lead to price appreciation. By reducing the total supply, each remaining CAKE token theoretically gains more value, making it a deflationary asset.</p> 
<p>This latest burn not only highlights the ongoing utility and engagement within the PancakeSwap platform but also reinforces the commitment to maintaining a healthy token economy.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/14m-in-cake-burned-9-million-tokens-removed/">$14M in CAKE Burned: 9 Million Tokens Removed</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

$14M in CAKE Burned: 9 Million Tokens Removed

Altcoin Buzz

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