Pancakeswap (CAKE) price is up after the emissions rating result. The CAKE price saw an increase of 17 percent within 24 hours. How did the emissions vote affect the price of Pancakeswap (CAKE)?
Pancakeswap started the emission vote on March 24 at 12:20. In the voting, which ended on March 26 at 12:20, a total of 2.043 people voted. The options included 20% emission reduction, 10% emission reduction, and I do not want change options. “20% emission reduction” prevailed with 88.27%.
The Pancakeswap team confirmed the results, “It achieved a 20% result by a large margin and the transaction will take place on Monday.” said.
Why do they want to reduce emissions?
PancakeSwap is considered a variable token for inflation rate as it does not have a fixed rate supply. Users can therefore be worried about inflation.
Pancakeswap takes several steps to address users’ inflation concerns. One of them is to reduce inflation with emission. The aim here is to ensure that a higher amount of CAKE than the amount of CAKE produced is removed from the circulation. Thus, the pressure on the CAKE price is also reduced.
May benefit CAKE in the long run
The rate of earnings that users will gain from CAKE farms will decrease in the short term due to the decrease in emissions. In the long run, positive repercussions are expected in terms of supply / demand.
CAKE, according to CoinGecko data; It gained 15 percent on the monthly chart, 18 percent on the two-week chart and 46 percent on the weekly chart. CAKE, which has a market value of $ 2 billion, ranks 50th with its market value. The daily trading volume of the token is $ 580 million. Its current price is at the level of $ 14.78.