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Pancakeswap Burns Nearly 7 Million Tokens

Twitter icon  •  Published 4 years ago on February 21, 2022  •  Hassan Maishera

The Pancakeswap team announced on Twitter earlier today that it has burned 6,864,564 CAKE tokens.

Pancakeswap Burns Nearly 7 Million Tokens

The Pancakeswap team announced on Twitter earlier today that it has burned 6,864,564 CAKE tokens. The burnt tokens were worth approximately $53 million. The team also bought back 328k CAKE ($2.5M) 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 trading at $7.40 at press time, up by less than 1% so far today.

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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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