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Pancakeswap Burns $52 Million Worth Of CAKE Tokens

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

The Pancakeswap team announced via Twitter on Monday that it has burned $52 million worth of CAKE tokens (6,747,980 CAKE).

Pancakeswap Burns $52 Million Worth Of CAKE Tokens

The Pancakeswap team announced via Twitter on Monday that it has burned $52 million worth of CAKE tokens (6,747,980 CAKE). The decentralized exchange generated 197k CAKE ($2M) in trading fees and another 14k CAKE ($107k) from the NFT market. 

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% today and is currently trading at $7.666.

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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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