Pancakeswap’s native token (CAKE) has plummeted to $2.83 from roughly $3.33 in the last 24 hours — down over 15% at press time.

According to Pancakeswap data, the Total Value Locked-up (TVL) in CAKE is down almost 4% on the day — accompanied by a 212.45% surge in volume in the last 24 hours.

Mass unlocking of tokens preceded the event and currently continue to spam the contract en-masse as the CAKE token endures a sharp sell-off.

Julian Hosp, CEO and co-founder of Cake DeFi said in an interview with CoinTelegraph, that “the days of platforms touting sky-high yields are over.”

(by Josh O'Sullivan)