When Bitcoin, which exceeded $ 42,000, fell back to $ 41,500, there were also declines in altcoins.
One of these altcoins was PancakeSwap (CAKE).
Burning news came from CAKE, which dropped from 2.42 dollars to 2.30 dollars, and the burning news was positively reflected in the price.
Sharing on account X, the PancakeSwap team announced that 8,808,741 CAKE tokens worth $21 million were burned.
Following this burning news, the CAKE price increased by 2%.
CAKE continues to trade at $2,414 at the time of writing.
What is PancakeSwap (CAKE)?
CAKE, a decentralized finance application, is an automated market maker.
PancakeSwap allows users to exchange and farm tokens. It runs on the CAKE BSC network, which was launched in September 2020.
*This is not investment advice.