About 3.75% of CAKE’s circulating supply was burned in the latest round. Buoyed by whales’ accumulation, the token’s prospects looked bullish. PancakeSwap removed more than seven million CAKE tokens out of circulation as part of its burn program, intended to add deflationary pressure on the coin. The tokens burned were worth $30 million in value. […]
Small and big whales showed interest in CAKE. As per Santiment, the number of addresses holding between 1000 to 1 million tokens saw a significant increase in the month of February. The accumulation by large addresses was a bullish signal for CAKE’s price.The token found support from retail investors as well. The daily active addresses more than doubled in the last 10 days.
The 30-day MVRV ratio entered the positive zone at the time of writing, implying that most holders would make profits if they sold their tokens at the current price. This was corroborated by the sharp increase in the daily transaction volume in profit.CAKE’s price grew by more than 10% over the previous week. With a spurt in accumulation activity, investors can expect further gains in the days to come.Subscribe to get it daily in your inbox.
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