While CAKE, the native token of Binance-backed decentralized exchange (DEX) PancakeSwap, has continued its sideways movement for a long time, even the multimillion-dollar burn was not enough to change this cycle.
PancakeSwap December 5 on his official social media account. in his post, 28 million dollars worth 6.9 million He announced that CAKE was burned. But even the news feed is a long time traded at $4 It wasn’t enough to provide volatility to CAKE.
Total according to CoinMarketCap data 349 million and in circulation 157 million circulating supply at the price of CAKE in supply to 4.4% even the corresponding news of this great burning did not affect. According to experts, FTX has experienced a significant rally after its bankruptcy in the past two weeks. more than 12% appreciated CAKEstill lagged behind in terms of performance when looking at the overall cryptocurrency market.
On the other hand, PancakeSwap was newly launched as a decentralized finance application as a result of a vote in October. to the Aptos (APT) network A decision was taken to integrate it and the decision began to be implemented in November.