PancakeSwap Takes Hit: $27 Million Lost In Cake’s Recent Announcement

The burn was executed using fees accumulated from various operations, including trades, lotteries, NFT market, and prediction markets. The company has not provided any official source to back up this claim.

? 7,153,999 $CAKE just burned – that’s $27M!

? Trading fees (Swap and Perpetual): 255k CAKE ($958k) +80%
? Prediction: 84k CAKE ($315k) +31%
?️ Lottery&Pottery: 35k CAKE ($132k) +44%
? NFT Market, Profile & Factory: 560 CAKE ($2k) +4% pic.twitter.com/PFeMFxIN9c

— PancakeSwap ? #Multichain (@PancakeSwap) March 6, 2023

Moreover, PancakeSwap has declared that it is preparing to launch the V3 version of the platform in the first week of April. The upgraded version will come with new features such as airdrops and NFT. Nevertheless, it is crucial to mention that this announcement has not been independently verified, and there is no reliable source to confirm its authenticity.

It is noteworthy that the burning of CAKE tokens is a standard practice in the crypto world, where tokens are taken out of circulation to increase their scarcity, and therefore, their value. PancakeSwap’s move to burn such a massive amount of tokens suggests a commitment to making the token more valuable in the future.

Despite the absence of any verified source for this news, it is advisable to keep an eye on PancakeSwap in the coming weeks as they prepare to release the new version of their platform. PancakeSwap has become increasingly popular in the decentralized finance sector and is expected to continue attracting more users as the crypto market expands.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source