PancakeSwap price surges as DEX burns $35 million CAKE tokens

Source Fxstreet
Apr 8, 2024 13:35
  • PancakeSwap DEX burned over 8.7 million CAKE tokens worth $35 million on Monday. 
  • The decentralized exchange burns trading fees collected across V3 and V4, prediction market, lottery, NFTs and games. 
  • CAKE price climbed nearly 3% on Monday to $4.039. 

PancakeSwap (CAKE) announced a burn of 8,703,247 CAKE on Monday, pulling $35 million worth of DeFi tokens from circulation. The DEX’s move catalyzed gains in the asset. A key announcement by PancakeSwap regarding a collaboration with Stryke is likely another catalyst driving gains in the DEX’s native token CAKE. 

PancakeSwap burns massive amounts of CAKE, pushes price higher

CAKE price added nearly 3% to its value on Monday. There are two key events that likely catalyzed the rally in the DeFi token. The first is the $35 million CAKE token burn by the DEX. PancakeSwap burned the fees collected across V3, V4, NFTs, games, Automated Market Makers (AMM) and the prediction market. 

The DEX announced the token burn in an official tweet on X. 

The other catalyst is PancakeSwap’s introduction of CLAMM Options Trading, in collaboration with Stryke, a decentralized options exchange. PancakeSwap users can trade options, build on-chain options liquidity, earn premiums and swap fees on Arbitrum. 

CAKE price is $4.039 at the time of writing. The DeFi token wiped out nearly 13% of its value in the past seven days; the gains on Monday could help CAKE begin its recovery. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Layer 1 ETF approvals could drive Hong Kong crypto adoptionBitcoin and Ethereum Spot ETFs made their debut in Hong Kong on April 30.
Source  Fxstreet
Bitcoin and Ethereum Spot ETFs made their debut in Hong Kong on April 30.
placeholder
Arbitrum DAO approves M&A pilot as on-chain metrics suggest ARB may rally soonArbitrum's (ARB) on-chain metrics showed signs of a rally on Friday following news that the Arbitrum DAO approved an eight-week M&A pilot proposal on Wednesday.
Source  Fxstreet
Arbitrum's (ARB) on-chain metrics showed signs of a rally on Friday following news that the Arbitrum DAO approved an eight-week M&A pilot proposal on Wednesday.
placeholder
Ethereum fails to overcome key resistance, predictions pour in as SEC will decide on spot ETH ETF next weekEthereum again went below the $3,000 key level on Thursday after posting signs of a rally.
Source  Fxstreet
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally.
goTop
quote