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Today's jump in value represents the highest single daily gain for PancakeSwap's token since June 23.

Cake, the native token of the decentralized exchange PancakeSwap, has spiked 15% since the project opted to burn $72 million worth of its tokens on Monday.

It’s good news for the embattled decentralized finance (DeFi) project and its token, which is trading 67% down from its all-time high of $47.68 witnessed April 30. The crypto is changing hands for around $15.58, according to Binance data.

Today’s jump in value represents the highest single daily gain for the exchange’s token since June 23.

PancakeSwap also said it had bought back $1.7 million worth of Cake from the market, inclusive of trading and prediction fees.
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