Players eating slices of the giant cake.
Giant Cake
From the Hypixel Pit Wiki
Giant Cake is a minor event occuring in The Pit. The event lasts for 2 minutes.
When the event occurs, a giant cake, created by hundreds of smaller cakes in a cuboid shape, spawns in a random area of the map. Players are able to eat slices of the cake by right- or left-clicking them. Players will receive gold for eating slices of cake; their rewards increase the more cake they consume. Most cake slices award 1 gold. This increases by 0.25 gold for every 50 cake slices eaten. Eating the last slice of a cake awards 5 gold, increasing by 1.25 gold for every 50 slices eaten.

Two additional types of cake exist in the giant cake:
Eating a whole cake inside the giant cake has a chance for it to drop tasty Milk, granting 2♥︎ of Absorption (with no cap), and Cookies, granting Speed II (0:25).

The Giant Cake event was added in The Pit 0.4 - Events Extravaganza. Five players were credited to its creation; players suggested names such as "Baker's Dream" or "Cake Hunt" for the event.
Earning 5,000g or more from a single Giant Cake event grants the player with the "Sugar Rush" achievement, rewarding 5 achievement points.