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PancakeSwap burns 6.8 million CAKE but is it enough to keep the bulls indulged
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A bit of CAKE was recently taken off the menu but was it enough to cause a scramble for the remaining amount? PancakeSwap announced that it recently burned slightly over 6.8 million CAKE, slightly lowering the circulating supply.
Here’s AMBCrypto’s price prediction for PancakeSwap [CAKE] for 2022-2023
At press time, CAKE had a circulating supply of 141.53 million coins. According to the announcement, the recent token burn eliminated 6.814 million coins. This represented about 0.048% of CAKE’s circulating supply.
Coin burn mechanisms are a great way of trimming down a coin’s inflation and this often has a positive price effect if enough coins are burnt.
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