• PancakeSwap burned 1.28 million CAKE this week, reducing the total circulating supply to 359 million tokens.
• CAKE Price climbed higher following the token burn, with more upside potential and positive RSI and MACD indicators.

PancakeSwap (CAKE) continued in an uptrend in today’s morning trade session, with optimism driven by deflationary potentials. The price of CAKE is approaching key resistance at $2.66 as of this writing, reinforcing the bullish outlook.

Surge in PancakeSwap’s Deflationary Burn

Data from Dune Analytics revealed a spike in PancakeSwap’s weekly burn activity. Every week, the PancakeSwap burn mechanism permanently removes millions of CAKE tokens from circulation.

This week, on-chain data shows a weekly deflationary burn of 1.28 million CAKE. After this burn, the total number of tokens left from the total circulating supply is now 359 million CAKE.

So, the amount burned is bigger than the new CAKE created from trading fees and protocol mechanisms. This means the total supply is shrinking, not growing, leading to a scarcity of the CAKE tokens.

Typically, when supply goes down and demand stays the same or grows, the price rallies. Simply explained, PancakeSwap is now removing more tokens than it is releasing, which is good for the price in the long run.

In addition, the funding rate metric for PancakeSwap turned positive at 0.0041% as of November 11, 2025. In the past, every time this funding rate flipped from negative to positive, the CAKE price jumped sharply soon after.

This means that the traders anticipating a price increase are more than those betting that CAKE will slide further. When longs pay shorts, it shows bulls are confident and in control.

As of this writing, CAKE is priced at $2.58, up 2.63% over the past 24 hours. The trading volume surged more than 132% to $248.7 million, indicating increased market activity.

CAKE Price Predictions

On November 5, CAKE stopped falling and bounced at $2.13, a strong weekly support level. From there, it jumped over 16% in just a few days, reaching nearly $2.66 in session high on November 11.

Right now, CAKE is pushing toward $2.69, which is the 50-day average price (50-day EMA). 

If CAKE closes the day above $2.69, traders will see it as a breakout. From here, the next target is at $3.42, a key level from the Fibonacci tool (61.8% retracement).

The Relative Strength Index (RSI) and the MACD indicators further reinforce the bullish outlook.

RSI is currently at 56, suggesting that buyers are getting stronger. Likewise, the MACD showed a bullish signal last week and remains active, suggesting the uptrend is alive.

On a bearish note, a break below $2.69 would invalidate the bullish thesis. It could drop back to test $2.13 again, the same support from November 5.

However, recent bullish developments within the PancakeSwap ecosystem could help push the CAKE price higher. As we discussed earlier, PancakeSwap announced a partnership with Ondo Finance to list Ondo Global Markets’ tokenized real-world assets (RWAs) on BNB Chain.

This partnership comes shortly after PancakeSwap introduced CAKEPAD. This is a multi-chain launch platform offering early token access with flexible participation and no long-term lock requirements.