Wednesday, 28 February 2024

Crypto News

PancakeSwap bounces as market eyes next gem with Meme Moguls

PancakeSwap expands to Ethereum L2 platform Linea

  • Investors eye Meme Moguls amid bullish forecast for crypto
  • PancakeSwap (CAKE) price is up 17% in 24 hours after a massive token burn.
  • Meme Moguls (MGLS) is now in stage 3 of its presale, with increasing investor attention likely to push its price higher post launch.

As the crypto market savours the December gifts with price gains across major altcoins, one of the notable performers has been PancakeSwap (CAKE). Meanwhile, the fear of missing out on a potentially 100x token has savvy traders increasingly interested in Meme Moguls (MGLS).

PancakeSwap’s 60% surge in a week: What’s behind it?

Among tokens to skyrocket in recent days is PancakeSwap (CAKE), the largest decentralised exchange (DEX) platform in the Binance Smart Chain ecosystem. The native governance token has seen a remarkable bounce in its value over the past week.

As data from CoinGecko shows, CAKE has gained nearly 60% in the past seven days to trade above $3.72, levels last seen in April 2023. One notable factor amidst these gains for PancakeSwap has been the DEX platform’s token burns. One of the biggest burns happened this week.

On December 26, PanckeSwap incinerated more than 10 million CAKE tokens worth about $34 million. Not only has this reduced its circulating supply significantly, it has also added to the likely buy pressure as investors eye potential bull market gains.

The massive burn illustrates PancakeSwap’s deflation approac. This could also include a reduction of its maximum supply from 750 million to 450 million CAKE tokens as recently proposed. The community is thus excited about the future of CAKE, currently ranked 81st among largest cryptocurrencies with a market cap of $920 million.

If the project continues to implement the weekly CAKE burns, the impact of a diminishing supply could combine with other market catalysts to propel CAKE price higher. The room for growth is there with the token’s value having reached highs of $43.96 during the last bull market.

Meme Moguls (MGLS) creates buzz ahead of its launch

Amid the broader crypto market delight in key developments including regulation, one of the new projects attracting huge interest from investors is Meme Moguls.

This is an innovative meme-based assets’ marketplace that could see ordinary traders unleash their inner mogul capabilities as they earn a place among the new crop of crypto…

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