Shiba Inu [SHIB] and PancakeSwap’s [CAKE] burn rate skyrockets; this is the outcome

Shiba Inu [SHIB] and PancakeSwap’s [CAKE] burn rate skyrockets; this is the outcome

May 17, 2023

By Dipayan Mitra

Read PancakeSwap’s [CAKE] Price Prediction 2023-24

SHIB’s burn rate went up by over 26,000% in the last 24 hours, while CAKE burned tokens worth $16 million.

CAKE increased burn rate resulted in an increase in trading fees, but its revenue remained low.

When we talk about deflationary tokens, Shiba Inu [SHIB] and PancakeSwap [CAKE] are two of the most popular assets. It was also interesting that in the recent past, both tokens have had updates related to their burn rates.

Shiba Inu and PancakeSwap’s burn rate on fire

Shiba Inu, the world’s second largest memecoin, registered a massive surge in its burn rate. As per Shibburn’s data, the SHIB burn rate increased by 26,000% in the last 24 hours. In the last 24 hours itself, 3,034,309,519 SHIB tokens were burned in two transactions.

While SHIB’s burn rate looked promising, CAKE’s situation was also somewhat similar. PancakeSwap recently burned 8,554,482 CAKE, which was worth over $16 million.