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 $7.28 at press time, down by 1% so far today.