The recent burning of 35.96 million CAKE tokens, coupled with increasing decentralized exchange (DEX) trading volume, suggests the current upward trend might continue. A price breakthrough above $4.40 could potentially lead to a target price of $11.

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CAKE Rally Driven by Fee Burns

PancakeSwap's CAKE token experienced a significant 78% weekly gain, largely due to the implementation of the CAKE.PAD fee-burning model. This initiative removed approximately 35.9 million CAKE tokens, representing roughly 9% of the circulating supply. This deflationary mechanism coupled with increased market activity, is the primary catalyst behind the recent surge.

Market Activity and Volume

Record social mentions reached 112,000 this week, showcasing strong retail engagement and heightened momentum. DEX volume on the Binance Smart Chain (BSC) also spiked to $11.56 billion, with PancakeSwap's AMM V3 leading the way at $11.88 billion. Coinbase’s Base contributed $1.17 billion to total flows.

Key Resistance and Future Outlook

Traders are closely watching the $4.40 resistance level; a decisive weekly close above this point could pave the way for a potential move towards $11. Should CAKE fail to sustain this level, short-term support lies between $3.20 and $2.90. A sustained uptrend hinges on this critical resistance level.