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Pancakeswap burns another $53 million worth of CAKE tokens

Twitter icon  •  Published 4 years ago on January 25, 2022  •  Hassan Maishera

The Pancakeswap team announced a few hours ago that it had burned 6,854,343 CAKE tokens and bought back 351,000 tokens.

Pancakeswap burns another $53 million worth of CAKE tokens

The Pancakeswap team announced a few hours ago that it had burned 6,854,343 CAKE tokens (approximately $53 million). The team also bought back 351,000 CAKE ($2.7M) from the market. It generated 24,000 CAKE ($187,000) in NFT profile and auto/IFO CAKE pool fees. 

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 $7.34 per token, down by 12% 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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