PancakeSwap Burns $19 Million Worth of CAKE Tokens
Multi-chain DEX PancakeSwap has burned $19 million worth of its native token, #CAKE, enhancing investor expectations for a price increase.
Details of the PancakeSwap Burn
- 8,947,590 CAKE tokens were burned, valued over $19 million.
- Total supply is 380.22 million CAKE; maximum supply capped at 450 million CAKE.
- Previous burns included 36.1 million CAKE, valued at over $113.3 million by December's end.
- Monthly net mint of 955,146 CAKE reduced overall supply by 0.25%.
- Total Value Locked (TVL) surpassed $2.1 billion.
- December trading volume reached $53.46 billion, averaging $1.72 billion daily.
- Unique trades totaled 2.61 million in December.
- Current CAKE price is $2.17, down 6.15% in 24 hours and 33.58% in the past month.
- Trading volume increased by 57.9% to $87.6 million.
PancakeSwap recently launched Springboard, a no-code token launchpad on the BNB Chain, facilitating token creation without fees or reliance on external exchanges. The platform integrates new tokens with liquidity pools upon reaching 100% on the bonding curve.
The MEV Guard was also introduced to protect users from Miner Extractable Value attacks, ensuring better swap prices and multi-wallet compatibility.