PancakeSwap Goes Forward With Biggest Burn Ever of Cake

PancakeSwap burns record-high 6,397,125 $CAKE tokens, equivalent to $153M USD!

By
John Tunney
on
August 31, 2021
Category:
BSC News

Burning More CAKE

In a record token burning event, the hugely popular decentralized exchange (DEX) PancakeSwap burned $153 million USD worth of CAKE.

News of the token burn was tweeted by PancakeSwap on August 30th. The update was met with large excitement from the PancakeSwap community, as the enormous amount of CAKE burned is the largest amount of CAKE to date. 

“BIGGEST CAKE BURN EVER!!!! 6,397,125 $CAKE burn - that's $153M USD! This week we have bought back $4M USD of CAKE from the market (Trading + Prediction), NFT + Profile + Vault = $325k, (and) Lottery = $510k (20,400 CAKE)! Next week will be even bigger.” wrote PancakeSwap in their Twitter post. 

Although PancakeSwap has successfully burned a record high number of CAKE tokens, this sadly for CAKE investors does not directly mean that the price of CAKE will go up. In fact, over the last seven days, the cost of CAKE has sunk down more than 7%, according to CoinGecko

Source

With an ecstatic community and investors now closely eying CAKE’s price, time will tell if the massive token burn amounts to any volatile short-term price action.

What is PancakeSwap 

PancakeSwap is a Decentralized Exchange (DEX) built on BSC. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others. 

In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC. 

Where to find PancakeSwap: Website | Twitter | Medium | GitHub


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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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