CAKE Wants to Reduce Supply by 300 Million, What is the Price Reaction?

<p>&nbsp;"Wow, will the price of CAKE go higher?"</p><p><br /></p><p>CAKE which is a cryptocurrency based on PancakeSwap's decentralized exchange (DEX) managed to climb up to $4 when there was a suggestion of reducing its maximum token supply.</p><p><br /></p><p>The proposal to reduce the maximum supply of CAKE from 750 million to 450 million has received widespread support from the token holder community with over 90% supporting it.</p><p><br /></p><p>According to the proposal, the DEX "Kitchen" consisting of its main developers will offer certainty to the community about the future supply of CAKE tokens as after almost three years in development, its team can now reach its growth target.</p><p><br /></p><p><br /></p><p>There is no denying that CAKE has seen an overnight rally, but it should be noted that its price still has a long way to go to reach its all-time high near $44 in April 2021.</p><p><br /></p><p>Pleased to inform you that CAKE in August 2023 has evolved on Coinbase's incubated Base layer-2 network and Ethereum (ETH) layer-2 scaling network as part of the continuous multi-chain development by the CAKE team.</p><p><br /></p><p>Last month, CAKE launched its own crypto game with tower defense game Pancake Protectors and city building sim Pancake Mayors.</p><p><br /></p><p>As of this writing, CAKE price has surged by 1.43% to $3.55 in the last 24 hours with a market capitalization of $949 million then recorded a 42.38% increase over the last week.</p>