Cake, the native token of the decentralized exchange PancakeSwap, has spiked 15% since the project opted to burn $72 million worth of its tokens on Monday.
It’s good news for Pancakeswap and its token, which is trading 67% down from its all-time high of $47.68 witnessed April 30. The crypto is currently trading for around $15.58, according to Binance data.
PancakeSwap also said it had bought back $1.7 million worth of Cake from the market, inclusive of trading and prediction fees.
Additionally, Pancake’s developers can mint new tokens and add them to the supply, this burn causing a temporary rise.
I just have to ask does this burn affect those currently holding cake or did they burn what wasn't in circulation?
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