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Pancakeswap Burns 6.7 Million CAKE Tokens

Twitter icon  •  Published 2 years ago  •  Hassan Maishera

The Pancakeswap team announced earlier today that it had burned 6,721,761 CAKE tokens, which is worth around $72 million.

The Pancakeswap team announced earlier today that it had burned 6,721,761 CAKE tokens. The total tokens burned amounted to $72 million. Furthermore, 355,000 CAKE tokens were bought back from market.

PancakeSwap is a decentralized exchange for swapping BEP-20 tokens. The decentralized exchange uses an automated market maker (AMM) model. CAKE is trading at $10.65 per token, up by 3% in the past few hours.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.