The Pancakeswap team notified its community via X on Monday that 8,835,311 CAKE tokens (worth $24 million) were burned this week. This is part of Pancakeswap's deflationary policy, but such actions are usually done to increase market value.

However, this burning may not be enough to increase market value. The cryptocurrency industry has suffered a series of blows recently, which has negatively impacted overall market sentiment.

In addition, the increasing tightening trend of global regulators towards cryptocurrencies puts additional pressure on the industry. This makes the future performance of platforms like Pancakeswap uncertain.

As a result, Pancakeswap's burn may not have a positive impact in the short term, given overall market conditions and regulatory pressures.