Cryptocurrency

This Altcoin Rally Started After Coin Burning!

The coin burning process helps protect it from inflation by reducing the supply of the crypto asset to which it is applied. At the same time, with the implementation of the process, a clear increase in prices is observed. An altcoin project on Binance Smart Chain has managed to rally a small 11%, announcing that it will burn coins in the past hours. Accompanied by analyst Timothy Craig, we examine the project that burned 5.3 million coins…

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After the coin burn process, the price of this altcoin has jumped

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CAKE, which has risen up to 11% during the day and met with its new investor of $ 1.7 million, manages to enter the middle of the week’s most profitable crypto assets. A total of 5.3 million CAKEs are burned, and the announcement is made on PancakeSwap’s official Twitter account. The details of the coin burning process are as follows…

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https://twitter. com/PancakeSwap/status/1412083555593719812

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Cryptocoin. com

As we reported , PancakeSwap plans weekly coin burning processes as a module of deflationary mechanics. As analyst Craig reported, the project is claimed to distribute 530,000 new tokens every day. The burning process to balance the supply is done by PancecakeSwap. CAKE, which is distributed regularly to investors, is then burned off on a weekly basis and deleted from the markets. The exchange carries out these processes manually every Monday.

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Finally, CAKE managed to reach $47.68 in April, when the stock market was at the height of its popularity. At that time, the popularity of Binance Smart Chain started to increase as traders and those looking for different projects for passive income began to look for alternative networks besides Ethereum. With the adoption of other DeFi projects, CAKE holders hope that the token can continue its uptrend.

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