• PancakeSwap [CAKE] has remained popular among whales, with CAKE being one of the top choices of the whales according to WhaleStats.
• The network recently revealed that it burned CAKE worth over $27 million.
• CAKE was trading at $4.15 with a market capitalization of more than $683 million, registering double digit weekly gains.
PancakeSwap [CAKE] has become increasingly popular among whales, with WhaleStats recently indicating that CAKE was one of the top choices of the top 100 BSC whales. This comes as no surprise as the network has been consistently burning CAKE, which demonstrates the token’s deflationary characteristic. This trend was recently exemplified when over 6,992,717 CAKE tokens were burned, totalling to $27 million.
The performance of CAKE on the price front is also optimistic, as it has been registering double digit weekly gains. According to CoinMarketCap’s data, CAKE’s price increased by over 7% in the last 24 hours, and at the time of writing, it was trading at $4.15 with a market capitalization of more than $683 million. CryptoQuant’s data reveals that the token’s market cap in terms of Bitcoin has also increased steadily over the past few weeks.
All of this paints a promising picture for CAKE and its investors, and it appears that the token is well-positioned for further growth in the foreseeable future. As the network continues to grow and expand its user base, more and more investors are likely to be attracted to PancakeSwap and its native token. As such, it will be interesting to see how this story unfolds in the weeks and months ahead.
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