PancakeSwap's CAKE token surged 10% to $4.10, driven by the launch of CAKE.PAD, a new token launch platform. This platform replaces the Initial Farm Offering model and burns 100% of participation fees, enhancing deflationary pressure. Over 350 million CAKE tokens have been burned so far. The first project on CAKE.PAD, KLINK, launched on October 7, contributing to a 24-hour trading volume of $851 million.
The price rally saw CAKE break through the $3.55 resistance level, with technical indicators like RSI and MACD signaling bullish momentum. The broader altcoin market is also buoyant, with the Altcoin Season Index above 58 and BNB reaching a record high of $1,325.
PancakeSwap's CAKE Jumps 10% Following CAKE.PAD Launch and Burn Strategy
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