PancakeSwap, a prominent decentralized exchange, recently burned over 9 million of its native CAKE tokens, equivalent to more than $19 million. The exchange intends to gradually reduce the circulating supply of CAKE. This move comes in response to a significant increase in transaction fees. In just this month, PancakeSwap has burned CAKE tokens worth over $62 million, indicating a considerable decrease in the circulating supply of this digital currency. Despite this token burn, the value of CAKE tokens has decreased by 10% in the past 30 days. Currently, PancakeSwap’s market cap, according to DeFi Llama, is $326 million, with an annual trading volume of $174 billion. Additionally, $356 million worth of tokens are staked in this exchange.