PancakeSwap (CAKE) managed to burn 8,703,248 CAKE tokens worth $35 million and remove them from circulation on the first trading day of the new week. This move from the decentralized exchange contributed to the rise in price.
As we reported as Koinfinans.com, the exchange’s cooperation with Stryke also made a positive contribution to the price and strengthened the earnings.
CAKE The price increased by an average of 3% on Monday. There are two key events that likely catalyzed the rally in the DeFi token. The first is $35 million worth of tokens burned by the DEX. PancakeSwap burns fees collected in V3, V4, NFTs, games, Automated Market Makers (AMM) and prediction market announced.
🔥 8,703,247 $CAKE just burned – that’s $35M!
NEWS CONTINUES BELOW💰 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
NEWS CONTINUES BELOW
The other catalyst appears to be PancakeSwap launching CLAMM Options Trading in collaboration with Stryke, a decentralized options exchange. Decentralized exchange users can now trade options, create on-chain option liquidity, and earn premiums and clearing 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
Although the CAKE price was trading at $4.03 at the time of writing, it lost nearly 13% in value on the one-week chart. However, if the healing movement that started today develops its effect, it may be possible to regain these losses in a short time.
