Pancakeswap, a decentralized exchange platform, announced on Monday through its official X account that it has burned 8,981,080 CAKE tokens, equivalent to $16 million in value, this week. The token burn is part of Pancakeswap's ongoing efforts to reduce the circulating supply of CAKE, aiming to increase its scarcity and potentially its value.

However, despite such measures, the broader market sentiment remains pessimistic. Regulatory uncertainties and increasing scrutiny from global financial authorities continue to cast a shadow over the cryptocurrency sector. Investors are advised to exercise caution as the market navigates these turbulent times.