Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

PancakeSwap price surges as DEX burns $35 million CAKE tokens

Source Fxstreet

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.

8,703,247 $CAKE just burned - that’s $35M!

Trading fees (AMM V2): 115k CAKE ($465k) -35%
Trading fees (AMM V3): 99k CAKE ($400k) -45%
Trading fees (Non-AMM like Perpetual, Position manager etc): 14.8k CAKE ($60k) +3520%
Prediction: 40k CAKE ($160k) +4%
️ Lottery:… pic.twitter.com/8S7RIue3Hn
— PancakeSwap v4 (@PancakeSwap) April 8, 2024

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.

⚡️Introducing CLAMM Options Trading on PancakeSwap in Collaboration with @stryke_xyz

You can now trade options, build on-chain options liquidity, earn premiums, and earn swap fees on @arbitrum PancakeSwap https://t.co/YP1mfEVEh4https://t.co/JrbJWPgZd7
— PancakeSwap v4 (@PancakeSwap) April 8, 2024

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.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Yesterday 01: 32

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Yesterday 07: 43

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Popular Symbols