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.