The Pancakeswap team announced earlier today that it had burned 6,721,761 CAKE tokens. The total tokens burned equated to $72 million. Furthermore, 355,000 CAKE tokens were bought back from market.

PancakeSwap is a decentralized exchange for swapping BEP-20 tokens. The decentralized exchange uses an automated market maker (AMM) model. CAKE is trading at $10.86 per token, up by almost 3% in the past few hours.