In the most recent token burning event, PancakeSwap, a tremendously popular decentralised exchange (DEX), destroyed $72 million USD worth of CAKE. PancakeSwap tweeted about the token burn on January 10th. This week, 355k CAKE tokens worth $3.8 million were bought back from the market, with trading, NFT, and prediction marketplace accounting for the majority of the tokens burned, according to PancakeSwap.