PancakeSwap announces new milestones and developments

PancakeSwap (CAKE), the token of a decentralized exchange, has been unable to recover from the slump despite recent developments in the project's ecosystem. Decentralized exchange (DEX) futures trading on Arbitrum has reached a major milestone alongside the exchange's massive token burn.

PancakeSwap announces new milestones and developments

According to an official tweet from PancakeSwap's 2023.
PancakeSwap records record total trading volume of $1 billion on Arbitrum. This points to perpetual trading demand from users in the Arbitrum ecosystem and supports the theory of PancakeSwap's growing relevance to market participants.
Another important development is the burning of CAKE tokens on exchanges. The exchange revealed $25 million worth of tokens (8,740,957 CAKE) were burned on Monday. Typically, token burns reduce the circulating supply of an asset, leading to less selling pressure and supporting price recovery support.

In the case of CAKE, the token burn has yet to catalyze a price recovery for the decentralized exchange's assets.
At the time of writing, CAKE price is $2.88. The price of this DEX token has dropped nearly 17% in the past week. CAKE price may find support at the 50-day and 200-day exponential moving averages (EMAs) at $2.7 and $2.17, respectively. The price is facing resistance at the 10-day EMA at $3.07.
CAKE/USDT 1-day chart | Source: Tradingview