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Pancakeswap burns another $55 million worth of CAKE tokens

Twitter icon  •  Published 4 years ago on February 8, 2022  •  Hassan Maishera

The Pancakeswap team announced on Twitter earlier today that it has burned 6,590,434 CAKE tokens ($55 million).

Pancakeswap burns another $55 million worth of CAKE tokens

The Pancakeswap team announced on Twitter earlier today that it has burned 6,590,434 CAKE tokens ($55 million). Furthermore, it bought back 309k CAKE tokens ($2.6M) from the trading, prediction and NFT markets.

PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is up by more than 3% so far today and is trading at $8.34 at press time.

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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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