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Pancakeswap burns $50 million worth of CAKE tokens

Twitter icon  •  Published 3 years ago on February 1, 2022  •  Hassan Maishera

Decentralized exchange Pancakeswap has continued with its token-burning activity by destroying another 6,817,999 CAKE tokens (worth $50 million.)

Pancakeswap burns $50 million worth of CAKE tokens

Decentralized exchange Pancakeswap has continued with its token-burning activity by destroying another 6,817,999 CAKE tokens (worth $50 million.) The team also bought back 387,000 CAKE ($2.8 million) tokens from the market.

PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is trading at $7.31, up by less than 1% in the last 24 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.

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