PancakeSwap burns CAKE tokens worth $19M

PancakeSwap, the popular multi-chain decentralized exchange (DEX), recently completed a significant token burn, removing nearly 9 million of its native CAKE tokens from circulation. This burn, worth approximately $19 million, was announced on January 13, 2025. The move is part of the platform’s ongoing efforts to manage and reduce the supply of CAKE, maintaining its tokenomics and potentially driving long-term value for its holders.

The total number of CAKE tokens burned was 8,947,590, reducing the circulating supply significantly. With the token’s maximum supply capped at 450 million, the current circulating supply now stands at approximately 291.69 million, with the total supply at over 380 million CAKE.

PancakeSwap’s burning initiatives have been ongoing. As of the end of December, the exchange had burned a cumulative total of 36.1 million CAKE tokens, valued at over $113.3 million. A portion of the tokens for this burn was acquired via PancakeSwap’s buyback program, which contributed $4.5 million worth of CAKE to the burn process.

In addition to the burn, PancakeSwap has shown substantial growth, with its total value locked (TVL) exceeding $2.1 billion. The platform’s trading volume in December reached a massive $53.46 billion, averaging $1.72 billion per day. Furthermore, PancakeSwap saw an increase in unique traders, reaching 2.61 million.

However, despite these achievements, the price of CAKE has declined. The token, which had surged to a high of $4.20 last month amid a broader altcoin rally, has dropped by 32% in the past month, currently priced at $2.24.