$CAKE Jumps 5% on Proposal to Slash Token Supply by 300 MillionPancakeSwap's CAKE token jumped by 4% following the proposal, which would see its maximum supply reduced from 750 million to 450 million.
NASDAQ:CAKE , the native token of decentralized exchange (DEX) PancakeSwap, is up by almost 7%, following a proposal to reduce its maximum token supply.
According to data from CoinGecko, PancakeSwap's NASDAQ:CAKE is currently trading at $3.71, up 6.8% on the day and 40% in the last seven days.
The proposal to slash the maximum supply of CAKE by 300 million to 450 million has garnered widespread support from the community of token holders, with over 90% voting in favor so far.
Despite its overnight jump, CAKE has a long way to go before it can reclaim its all-time high of nearly $44, posted in April 2021.
The move caps off a busy few months for PancakeSwap. In August 2023, it expanded to the Coinbase-incubated Base layer-2 network, and Ethereum layer-2 scaling network Linea, as part of an ongoing multi-chain expansion by the PancakeSwap team.
Last month, the DEX launched its own crypto gaming marketplace with tower defense game Pancake Protectors and city-building sim Pancake Mayors as the launch titles.
PancakeSwap is currently the third-largest decentralized exchange by volume, accounting for $500 million worth of trades in the past day, according to CoinGecko. The total volume on decentralized exchanges, $5,726,720,165, currently accounts for 5% of all crypto trading, according to the crypto price aggregator.
