$2.8 millions CAKE token burn as Coin hits $0.75
I have been keeping tabs on CAKE tokens for quite some time now. It was even among the coins listed in my new year's crypto resolution article. At the moment, I have close to 75 of the tokens (I can't place an exact figure of how many I have).
CAKE is the native coin of the pancakeswap.finance exchange and today they announced the biggest Cake burn with the view of burning more next week.
A total of close to 4 million Cake tokens were burnt by the exchange. At the time of burning, one CAKE was worth $0.72.
For those not new to CAKE, one would know that this is not the first time they have burn their tokens. In fact I have lost count of how many times CAKE has been burnt.
The economic impact of this is to make the coin more valuable and more scares their by shooting the value of the token up. As of the time of writing, CAKE is valued at $0.75
.
The coin is expected to further increase as more project continues to launch their project through their exchange.
CAKE is still way below its all time high price which was $1.42 in September 2020. If the burining Continues at this rate, it's expected to attain a new all high value in the coming months.
Posted Using LeoFinance Beta
