Cake Burn Day
If anyone has read my other articles, you know that I get excited on Mondays. It is not because its the work day. It is Cake burning day. Today is the day to see if the good guys behind Pancake Swap are keeping to their word and burning tones of Cake coins.
Cake is emmitting half a million coins per day so the only way to keep the price from dropping like a rock is to burn. Last week they burned about 5.5 million and the week before they burned 6 million. I have a feeling it will be a light burn today. The lottery still isn't going and I don't think they had an IFOs this week.
I am hoping that means they still burn 5 million and get the Cake total float back into the 170 million range. If you are staking cake and earning .2% a day and they are burning cake making it more scarce, in theory you are getting a larger and larger share of the total market cap of Cake. They are giving you coins and then burning coins to make up for the ones they gave up.
It seems like it is in pefect sync. I am curious what happens when the lottery comes back and when Cake starts to appreciate. With Bitcoin above $40, I think it is just a matter of a day or two before Cake is above $20 and holds above.
I just checked and they burned over million but we are still above 180 million available. There must be more to it that I don't understand.
I have screenshots of Panacake swap from Last week where I can show that the supply of Cake went up 3 million in 2 hours. I am assuming it is an error of some sort but I do have photographic evidence if anyone has any idea, please message us.