This indicates that a short position in $CAKE worth approximately $1,669.3 was liquidated at the price of $2.42276. This liquidation occurred on O8 (possibly a date or platform reference) at 10:21 PM.
Liquidation happens when the market moves against the position, causing losses to exceed the margin maintained. For a short, the price rising to $2.42276 likely triggered the margin call or stop-out level.