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As PancakeSwap intensifies efforts on its deflationary mechanisms, the price of its token is almost back to where it started.
CAKE is Still Burning
PancakeSwap, the Decentralized Exchange (DEX) protocol on the BNB Chain, announced burning a total of 6,770,615 CAKE tokens worth $22 million.
The Leading DeFi protocol made the announcement through Twitter on June 13 before introducing a proposal to utilize more trading fees to support CAKE buyback and burn mechanisms. Token burning occurs when the developers of a particular token remove a specified amount of the token from circulation to restrict supply, making them scarce, thus driving up the price.
🔥 6,770,615 $CAKE just burned - that’s $22M!
— PancakeSwap 🥞 #BSC (@PancakeSwap) June 13, 2022
💰 Trading fees (Swap and Perpetual): 247k CAKE ($1M) -33%
🔮 Prediction: 130k CAKE ($425k) -2%
🎟️ Lottery: 37k CAKE ($122k) +9%
🔒 NFT Market, Profile & Factory: 2k CAKE ($6k) +22%
🔨 Auction: 33k CAKE ($108k) +22% pic.twitter.com/3N7hY4Ku2S
According to PancakeSwap, the end goal of burning its CAKE tokens “is to reduce net CAKE emissions,” ultimately making CAKE “emission neutral” or “deflationary.” As per its whitepaper, one of the objectives of the project is to ensure that more CAKE tokens leave circulation than the amount produced, hence regular burning. But how has this affected the performance of the token since its launch?
Never - Before - Seen Lows
With a current price of $2.81, the CAKE token now approaches the index price it traded at launch. The token marked an all-time high of $44.18 last April, but it has declined by over 90% since then.
$CAKE is currently ranked number 71 on the list of cryptocurrencies at a circulating supply of 150,666,405.95 CAKE tokens and a market capitalization of $423.85M at the time of writing. However, since last April, the token has lodged a 92% decline in its market capitalization.

Price movements indicate the current year has been significantly bearish for the CAKE token. The price of the token took a plunge after the bloodbath that plagued the cryptocurrency market last April and it has since been on a steady decline. The token's Relative Strength Index (RSI) has also lodged below the 50 neutral regions.
However, increased offloading of the CAKE tokens has commenced with occasional bullish retracements, albeit short-lived. During the time of writing, the token was deeply oversold, with the RSI marking a spot at 22. The ongoing bearish run might not be over with the 50-day EMA comfortably positioned above price.

Furthermore, since the launch of the token, on-chain analysis revealed that on a social front, the CAKE token flourished the most in 2021. The token’s social Dominance peaked at 5.04% on July 14, 2021, but it currently stands at 1.706% at the time this article was written, declining by over 65%. Similarly, it reached a high of 3924 in Social Volume on July 23, 2021, but it now sits at 586 at press time – an 85% drop.

Proposal to Increase Buyback and Burn Allocation
To further intensify its deflationary efforts, PancakeSwap set out a proposal on June 13 to increase the buybacks and burns allocation to 0.0575%. With the allocation currently at 0.0500%, the Protocol stated that the extra 0.0075% would come out of its treasury allocation, thereby reducing the CAKE trading fee allocation that enters the treasury from 0.03% to 0.0225%.

What is PancakeSwap:
PancakeSwap is a Decentralized Exchange (DEX) built on the BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
PancakeSwap’s official links are available below:
Website | Twitter | Medium | GitHub |
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Community Engagement Showdown: Exploring The Strategies Of DogeMiyagi, Chainlink, And Ripple

DogeMiyagi stands out with its unique approach and entertaining nature, appealing to a wide audience and fostering community involvement.
Community engagement strategies play a pivotal role in shaping the success and growth of various platforms in the realm of cryptocurrency. This article explores and analyzes the community engagement strategies employed by three prominent players in the crypto space: DogeMiyagi, Chainlink, and Ripple. By examining their approaches and their impact on platform growth, this article aims to shed light on the diverse strategies employed within the industry.

DogeMiyagi: Embracing Camaraderie And Memes
DogeMiyagi, a captivating new meme token, has emerged with a unique approach to community engagement. Inspired by the legendary martial arts master, Mr. DogeMiyagi, this platform harnesses the power of camaraderie and the indomitable spirit of its community. With a comical tone, DogeMiyagi appeals to individuals seeking both entertainment and investment opportunities in the crypto-verse.
The platform encourages users to connect their wallets and generate unique referral codes, allowing them to easily share the opportunity with friends, family, and online connections. Each time someone uses their code to purchase $MIYAGI tokens, they earn a generous 10% commission on the investment, automatically credited to their wallet. This incentivized referral system promotes community involvement and rewards active participants, fostering a sense of belonging and collective growth.

Chainlink: Empowering The Decentralized Oracle Network
In contrast to DogeMiyagi's lighthearted approach, Chainlink focuses on building a robust decentralized oracle network that connects smart contracts with real-world data. With a strong emphasis on reliability and security, Chainlink's community engagement strategy revolves around educating and collaborating with developers, enterprises, and blockchain enthusiasts.
Chainlink actively engages with the community through various channels such as developer grants, hackathons, and forums. They provide comprehensive documentation, tutorials, and developer resources to encourage the integration of Chainlink's oracle solutions into diverse blockchain ecosystems. By fostering collaboration and supporting developers, Chainlink aims to establish itself as the go-to oracle provider in the industry, driving growth through partnerships and innovation.
Ripple: Facilitating Cross-Border Transactions
Ripple, a renowned player in the crypto space, offers a unique approach to community engagement with a specific focus on facilitating seamless cross-border transactions. Ripple's platform aims to revolutionize the traditional financial system by providing faster and cost-effective international payment solutions.
Ripple engages with its community by partnering with financial institutions and industry leaders, building a network that enables frictionless global transactions. Through educational initiatives, conferences, and webinars, Ripple educates both consumers and businesses about the benefits of blockchain technology and its potential to transform the financial landscape. By collaborating with established players and advocating for regulatory clarity, Ripple seeks to create an environment conducive to the widespread adoption of cryptocurrencies, thus driving its own growth and that of the crypto industry as a whole.

In the crypto landscape, community engagement strategies play a pivotal role in shaping the growth and success of platforms. DogeMiyagi's approach, driven by camaraderie and a comical tone, taps into the power of memes and incentivized referrals, fostering a strong community bond. Chainlink, on the other hand, focuses on education, collaboration, and technological innovation to position itself as a trusted oracle provider. Ripple's strategy revolves around partnerships, regulatory advocacy, and the facilitation of cross-border transactions to drive the adoption of blockchain-based financial solutions.
While all three platforms demonstrate their strengths and contributions to the crypto industry, DogeMiyagi's unique approach and entertaining nature set it apart. Its emphasis on camaraderie, memes, and incentivized referrals appeals to a wide audience and fosters a strong sense of community involvement.
For those interested in exploring the world of cryptocurrencies and discovering unique opportunities like DogeMiyagi, join the meme coin revolution, and embark on an exciting journey with DogeMiyagi.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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