The Pancakeswap has announced earlier today on Twitter that it has burned 6,734,837 CAKE tokens (around $53 million). The team also bought back 335k CAKE tokens ($2.6 million) from the market.
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 less than 1% so far today and is currently trading at $7.90.