Near-Unanimous Vote Cuts CAKE Supply
The Pancakeswap community recently held a governance vote to reduce the total supply of CAKE tokens by 300 million. The vote, which took place from December 21 to December 29, 2023, saw an overwhelming majority of 97.88% in favor of the supply cut. As a result, the total supply of CAKE tokens will be decreased from 750 million to 450 million.
The proposal to reduce the supply was put forward by the community, and it received widespread support. Only 2.12% of the voters opposed the reduction. The community believes that this lower cap will help Pancakeswap gain market share across different chains and sustain the VECAKE model.
Market Impact and Current Status
Following the governance vote, the price of CAKE experienced a significant surge against the U.S. dollar. Over the previous week, CAKE saw a 42.6% increase, and for the month, it achieved a remarkable 62% gain. However, in the past day, CAKE's value dipped slightly by 2.4% against the greenback. Currently, the market capitalization of CAKE stands at $872 million, accounting for 0.05% of the total crypto economy, which is valued at $1.75 trillion.
Pancakeswap, as the third-largest decentralized exchange (dex) globally in terms of volume, has a total value locked (TVL) of $1.66 billion within its protocol. The platform has witnessed a 16.81% increase in TVL over the past month. Despite the recent surge in CAKE's price, it is still trading at 91.80% below its all-time high of $43.96 per coin, which was reached on April 30, 2021. Currently, CAKE's 24-hour intraday trading range fluctuates between $3.49 and $3.83 per unit.
Community Reaction and Discussion
What are your thoughts on the reduction of CAKE's token supply? Share your opinions and join the discussion in the comments section below.
Frequently Asked Questions
Should you open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. It is impossible to get back money if you lose your investment. This includes investments that have been damaged by fire, flooding, theft, and so on.
This type of loss can be avoided by investing in physical silver and gold coins. These coins have been around for thousands and represent a real asset that can never be lost. You would probably get more if you sold them today than you paid when they were first created.
Consider a reputable business that offers low rates and good products when opening an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
If you decide to open an account, remember that you won't see any returns until after you retire. Do not forget about the future!
Can I buy gold using my self-directed IRA
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. You can also transfer funds from an existing retirement fund.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments based on the price of gold. These financial instruments allow you to speculate about future prices without actually owning the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
Is gold a good investment IRA?
Any person looking to save money is well-served by gold. It's also a great way to diversify your portfolio. There is much more to gold than meets your eye.
It's been used as a form of payment throughout history. It is often called “the oldest currency in the world.”
Gold is not created by governments, but it is extracted from the earth. It's hard to find and very rare, making it extremely valuable.
Gold prices fluctuate based on demand and supply. If the economy is strong, people will spend more money which means less people can mine gold. The result is that gold's value increases.
On the flipside, people may save cash rather than spend it when the economy slows. This means that more gold is produced, which reduces its value.
This is why it makes sense to invest in gold for individuals and companies. You will benefit from economic growth if you invest in gold.
Also, your investments will earn you interest which can help increase your wealth. If gold's value falls, you don't have to lose any of your investments.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
forbes.com
irs.gov
bbb.org
finance.yahoo.com
How To
Tips for Investing with Gold
One of the most sought-after investment strategies is investing in gold. There are many benefits to investing in gold. There are many options for investing in gold. Some people buy physical gold coins, while others prefer investing in gold ETFs (Exchange Traded Funds).
Before buying any type gold, it is important to think about these things.
- First, make sure you check if your country allows you own gold. If the answer is yes, you can go ahead. Otherwise, you can look into buying gold from abroad.
- The second thing you need to do is decide what type of gold coins you want. You can choose between yellow gold and white gold as well as rose gold.
- The third factor to consider is the price for gold. Start small and move up. Diversifying your portfolio is a key thing to remember when purchasing gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- You should also remember that gold prices can change often. You need to keep up with current trends.
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