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PancakeSwap Burned $72.3 Mln Worth of CAKE Tokens

Anna Martynova

CAKE, the native token of the PancakeSwap decentralized exchange, has grown 15% since the project decided to burn its $72 mln worth of tokens. At the time of this writing, the CAKE token is trading at $14.41.

PancakeSwap also said it had bought back CAKE for $1.7 mln in the market, including trading and forecasting fees. Token burn is not uncommon in the crypto market and usually occurs by removing an asset from the circulating supply, thereby reducing the total supply and sometimes temporarily raising its price.

PancakeSwap allows users to trade cryptocurrency without a centralized intermediary, as well as store user's tokens, and is based on Binance Smart Chain (BSC). On April 23, PancakeSwap helped increase the total number of transactions on BSC by five times compared to Ethereum, where the exchange provided more than 20% of BSC transactions per day.

Image: Boxmining

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