- PancakeSwap wraps up this week’s token burn.
- Total CAKE tokens burnt so far are now worth $123 million.
PancakeSwap’s resolve to become a deflationary token has continued to gain steam in the last couple of months as the company isn’t showing any signs of slowing down on its weekly token burn events. In a post on its official Twitter page, PancakeSwap announced this week’s token burn, which reportedly saw about 6,149,446 CAKE tokens burnt and forever removed from circulation.
In terms of market value, the total value of CAKE tokens burnt so far is worth a whopping $123m. Breaking down the entire value of the total CAKE tokens burnt this week, PancakeSwap stated that a total of 445k CAKE tokens worth $8.9M, bought back from the market, including Trading, NFT, and Prediction Marketplace accounted for the majority of the tokens burnt. Additionally, the NFT Profile and Vault services made up for 246k CAKE tokens burnt. As per value, the worth of NFT profile and Vault CAKE tokens burnt this week is reportedly worth $4.9M.
In the same vein, this week saw 37k CAKE worth $751k burnt from Lottery services provided by PancakeSwap. Lastly, DAR IFO accounted for 86K CAKE burnt, worth $1.7M.
This week’s PancakeSwap token burn sees roughly double the amount of CAKE tokens bought back from trading fees, prediction, and NFT marketplace as compared to last week.
PancakeSwap Burn Events and Its Effect on the Price of CAKE
Even though the company is fully committed to executing its burn events which are aimed at making the CAKE token a truly deflationary token in the years to come, there hasn’t been any significant effect on the price of the CAKE native tokens across exchanges, leaving the community worried as to the real effects and significance of these burn events.
As of the time of putting together this report, CAKE was trading for $19.93 across different exchanges and down by 3.35%.