The price started to rise rapidly after the PancakeSwap community offered to burn $300 million into CAKE to preserve the value of the CAKE token.
The PancakeSwap community, one of the leading companies in the DeFi world, has proposed fundamental changes to the CAKE token. The community is actively discussing a proposal to reduce the total CAKE supply from 750 million to 450 million.
The community advocates reducing the overall token supply, believing that having fewer tokens in circulation will have a positive impact in maintaining the balance between supply and demand and preserving the value of CAKE.
$CAKE Price Is On The Rise!
After the official launch of this service, the price of CAKE tokens instantly increased by approximately 20%. CAKE’s price dropped nearly 7% following the spike on the news but is currently at $2.55.
