CAKE is the native token of a large decentralised exchange on BNB Chain. The biggest change to it this year came from governance, not price. Holders voted from 16 to 19 January 2026 to cut CAKE's maximum supply from 450 million to 400 million tokens. Today the token sits well below that ceiling. On 25 October 2026 CoinGecko showed 317.76 million CAKE in circulation, a total supply of 329.33 million and a price of about $2.05. That price is roughly 95% below the all-time high of $43.96, which other trackers date to 30 April 2021.
Current snapshot (CoinGecko, 25 October 2026)
| Metric | Value |
|---|---|
| Price | $2.05 |
| Market cap | $653.3M |
| Market cap rank | #92 |
| Circulating supply | 317.76M CAKE |
| Total supply | 329.33M CAKE |
| Max supply | 400M CAKE |
| 24h volume | $52.23M |
| 7-day change | -5.6% |
| All-time high | $43.96 |
These are one-day readings from a single aggregator. They move every minute.
The January 2026 cap cut
- What passed: the maximum supply fell from 450 million to 400 million CAKE, a reduction of 50 million.
- When: the vote ran on Snapshot from 16 to 19 January 2026.
- Result: AMBCrypto reported more than 1.66 million votes in favour and "virtually no opposition" (published 19 January 2026).
- Effect on circulation: none right away. Circulating supply was about 334 million at the time, already under the new ceiling. The cut limits how much can ever be minted in future. It does not remove any tokens that already exist.
How CAKE's supply ceiling and total supply have moved
Switch between the maximum supply cap and the reported total supply to see how far each has fallen since 2023.
Data table
| Item | million CAKE | Source |
|---|---|---|
| Before Dec 2023 proposal | 750 | |
| After Dec 2023 cut | 450 | |
| After Jan 2026 vote | 400 |
Data table
| Item | million CAKE | Source |
|---|---|---|
| Start of 2025 (about) | 380 | |
| End of 2025 (about) | 350 | |
| 25 Oct 2026 (CoinGecko) | 329.33 |
This shows only the supply figures reported in the article, taken from different sources that may count supply differently; it does not show the daily emissions or burns behind the changes, and it says nothing about price.
How supply got here
December 2023: from 750 million to 450 million
On 28 December 2023 Decrypt reported a proposal to lower the maximum supply from 750 million to 450 million CAKE, with voting open until 29 December. AMBCrypto's January 2026 report describes 450 million as the cap in force before the latest cut.
April 2025: Tokenomics 3.0
The next overhaul ended the vote-escrow model. FXStreet reported on 27 May 2025 that:
- the veCAKE and gauge-voting mechanisms were retired, and all staked CAKE and veCAKE were unlocked;
- implementation began on 23 April 2025;
- in phase 1, daily emissions fell from 29,000 to 20,000 CAKE, and the ecosystem growth fund allocation was halved from 6,500 to about 3,250 CAKE a day;
- in phase 2, daily emissions fell to 14,500 CAKE;
- the changes were expected to produce a permanent burn of 5.3 million CAKE a year.
AMBCrypto gives different emissions figures for the same change: about 40,000 CAKE a day falling to about 22,250. The two outlets do not agree, and neither figure is confirmed here.
2025 result
AMBCrypto reported a net burn of about 8.19% of total supply in 2025. Over the same period total supply fell from about 380 million to about 350 million. Both figures trace back to the project's own reporting and have not been independently checked.
What the numbers tell a reader
- The cap is a ceiling, not a schedule. About 70 million CAKE separates total supply (329.33 million) from the 400 million cap. Whether supply grows or shrinks depends on emissions versus burns, not on the cap.
- Total supply has kept falling. It went from about 350 million (January 2026 report) to 329.33 million (CoinGecko, 25 October 2026). The two sources may count supply differently, so read the roughly 21 million gap as a direction, not an exact burn figure.
- Fully diluted figures differ between sites. Some data providers still use older maximum supply numbers, so their fully diluted valuations may not reflect the 400 million cap.
- Lower supply does not set a price. CAKE fell about 5.6% in the week to 25 October 2026 despite the supply cut.
Limitations: the supply history rests mainly on two secondary outlets (AMBCrypto and FXStreet) that cite the project's own figures, and market data comes from one aggregator.
Crypto assets are volatile and you can lose your capital. Nothing here is investment advice.
