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PancakeSwap’s Vote for CAKE Token Accelerates the Rise in CAKE Price!

  • According to the latest data, PancakeSwap’s CAKE is currently trading at $3.78 with a 6.8% increase during the day and has seen a 46% increase in the last seven days.
  • The team mentioned that there is a “significant amount of token inflation” to launch its ecosystem following the launch of PancakeSwap in 2021.
  • Despite its rise, CAKE has a long way to go to reclaim its all-time high of nearly $44 in April 2021.

PancakeSwap’s CAKE saw a significant price increase after the voting started: Details of the PancakeSwap offer!

PancakeSwap Initiates CAKE Token Proposal

PancakeSwap-CAKE

According to the latest data, PancakeSwap’s CAKE is currently trading at $3.78 with a 6.8% increase during the day and has seen a 46% increase in the last seven days. The proposal to reduce CAKE’s maximum supply by 300 million has gained broad support in the community, with over 90% of votes in favor so far.

The voting proposal started on Thursday morning and will continue until December 29. According to the proposal, the team consisting of developers, called “chefs,” in the so-called “Kitchen” of the DEX will provide the community with “certainty” regarding the future token supply of CAKE. The team mentioned that there is a “significant amount of token inflation” to launch its ecosystem following the launch of PancakeSwap in 2021.

“After about 3 years of development, we now have more accurate predictions of the incentives needed to achieve our growth goals,” they said, noting that this move would mean a departure from the “hyperinflationary tokenomics model.”

CAKE is still far from its ATH level

Despite its rise, CAKE has a long way to go to reclaim its all-time high of nearly $44 in April 2021. This move completes a busy few months for PancakeSwap; in August 2023, as part of its ongoing multi-chain expansion, PancakeSwap expanded to Linea, a layer-2 scaling solution on Ethereum, incubated by Coinbase. Last month, the DEX launched its own crypto gaming market, introducing the tower defense game Pancake Protectors and the city-building simulation Pancake Mayors.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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