The Pancakeswap team announced on Twitter on Monday that it burned 6,689,664 CAKE tokens (worth $39 million). Also, the team bought back 403,000 CAKE tokens ($2.3M) from the trading, prediction and NFT markets.
PancakeSwap is a BNB Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is down by less than 7% so far today and is currently trading at $5.43.