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Pancakeswap Burns $41 Million Worth Of CAKE Tokens

Twitter icon  •  Published 3 years ago on March 8, 2022  •  Hassan Maishera

The Pancakeswap team announced in a tweet on Monday that it has burned over 6.7 million CAKE tokens.

Pancakeswap Burns $41 Million Worth Of CAKE Tokens

The Pancakeswap team announced in a tweet on Monday that it has burned over 6.7 million CAKE tokens ($41 million worth of tokens). The team also bought back 380,000 CAKE tokens ($2.3 million) 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 1% so far today and is currently trading at $5.97.

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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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