PancakeSwap (CAKE) token is up about 1.5% in the last 24 hours, trading at $3.55. This is partly due to rising platform usage and a record high in token burns, which help stabilize the price amid market volatility.
After briefly dropping to $3.33, CAKE continues to rise, gaining over 35% this month and nearly 97% over six months, according to TradingView. Traders feel cautiously optimistic with new burn data and upcoming launches in the ecosystem.
Record CAKE Burns and DeFi Activity Fuel Optimism
PancakeSwap reported a record weekly burn of 1.46 million CAKE (valued at $4.89 million), a 63% increase from the prior week. The net supply decreased by 1.3 million CAKE, reducing circulating tokens by $4.38 million.
The biggest driver came from AMM v2 pools, contributing 713,000 CAKE (+321%), followed by AMM Infinity (+241%), signaling higher liquidity and swap activity.
This burn aligns with PancakeSwap’s Tokenomics 3.0 model, which allocates 15% of swap fees to burns (up from 10%), accelerating supply contraction.
September alone saw 28.8 million CAKE (~$100 million) permanently removed from circulation, placing annualized supply reduction near 4%, a structural tailwind for long-term holders.
BNB Chain’s $45M Airdrop Revives DeFi Momentum
CAKE’s rebound also coincides with renewed ecosystem activity on the BNB Chain, which recently launched a $45 million “Reload Airdrop” to reimburse meme-coin traders affected by the October 10 crypto market crash.
The program uses PancakeSwap as a core distribution partner, channeling liquidity and user traffic back to its pools. With BNB up 16% to new all-time highs, sentiment across the chain has improved, lifting CAKE’s trading activity.
Data from Token Terminal shows PancakeSwap’s 30-day trading volume surged 37% to $168 billion, with fees climbing 42.6% and revenue up 46.1% to $61.6 million, the highest among all DEXs.
Active users also spiked to 878,000 daily wallets, giving PancakeSwap a 36% DEX market share, outpacing Uniswap and Raydium.
Adding to bullish sentiment, the debut launch on CakePad, PancakeSwap’s new token-launch platform, drew extraordinary demand. The sale for AI Whitebridge (AIWB), an AI-powered DePIN project, was oversubscribed by 29,000%, with 47,058 CAKE pledged against a 20 million WBAI goal.
Analysts say the strong turnout reflects “sticky user engagement” and “revived speculative energy” around PancakeSwap’s expanding product suite, from AMM Infinity to perpetuals and prediction markets.
Pancakeswap Price Analysis: Cautious Bullish Bias
CAKE’s technical outlook remains constructive despite short-term volatility. The weekly chart shows mixed oscillators, with the RSI at 63.8 (neutral) and the MACD slightly bullish (+0.25). However, moving averages signal a strong buy, with 13 of 15 MAs pointing upward.
Support is around $3.20, which is near the 20-day exponential moving average (20-EMA). The price may face resistance near $3.90, which is a key psychological level from earlier in October.
If network activity and token burns continue, PancakeSwap price could reach $3.90 to $4.00 in the near term, which matches the next Fibonacci extension zone.
If the CAKE price falls below $3.20, it would break this positive trend, leading to a possible range between $2.95 and $3.10.
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