Amidst PancakeSwap’s proposal to burn 300 million CAKE and reduce the total supply from 750 million to 450 million CAKE, on-chain data indicates that a whale has been moving a significant amount of CAKE, the decentralized exchange’s governance token. Whale Is Moving Tokens As Key PancakeSwap Voting Event Proceeds According to a report from Scopescan, a blockchain analytics platform, a whale has moved approximately 1.7 million CAKE worth $1.3 million in the past week from Binance, Gate.io, and Bitget to a series of crypto addresses. The timing of this transfer is noteworthy since it coincides with key voting that would permanently shape PancakeSwap’s tokenomics. The proposed token burn is gathering significant support, with over 90% of CAKE holders in agreement. According to the proposer, reducing the total supply to 450 million CAKE is reasonable. It would also ensure sufficient supply for future growth while achieving “ultrasound CAKE.” Herein, the idea is to make CAKE deflationary over the long term, and this may support prices as PancakeSwap continues to play a vital role in token swapping in the broader BNB Chain ec ..
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