The Pancakeswap team announced on Twitter earlier today that it has burned 6,590,434 CAKE tokens ($55 million). Furthermore, it bought back 309k CAKE tokens ($2.6M) from the trading, prediction and NFT markets.
PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is up by more than 3% so far today and is trading at $8.34 at press time.