Decentralized platform BNB Chain sees progress as PancakeSwap, a significant project, starts trading on Kraken exchange.
When Cake Meets Kraken: The Exciting Rise of PancakeSwap's Native Token
The crypto world is buzzing about CAKE, the native token of PancakeSwap, now listed on Kraken exchange. Investors are wagging their tails at the prospect of BNB Chain projects expanding in the crypto space. Known for its user-friendly interface and powerful performance, PancakeSwap is venturing into the "big leagues" with this listing. But will the price break through the $3 barrier? Let's dive in.
CAKE: Price Action and Market Performance (As of May 1, 2025)
At press time, CAKE is trading at $2.06, barely budging from its position 24 hours ago. The token's market cap hovers around $654.9 million, with a daily trading volume of about $50.5 million. Although it has inched up 5% over the past week, it's yet to cross $3. Check out the weekly chart below for more details.
Chart 1- CAKE/USDT Live Price, published on TradingView, May 1, 2025.
Looking beneath the surface, the fully diluted valuation (FDV) sits at around $928 million, given a total supply of 372.83 million tokens. Despite these numbers not sparking revolution, they reflect a steady state, a word that rarely comes to mind when talking about DeFi tokens. This listing might nudge those numbers, as more Kraken traders gain access to CAKE without the need for BNB wallets or centralized interfaces.
CZ's Take: PancakeSwap on Kraken
The CAKE listing on Kraken isn't just one token; it represents a broader shift. Even Changpeng Zhao (CZ), Binance's founder, noted the encouraging trend of BNB Chain projects receiving support from other major platforms. CZ vented his excitement by saying, "Great to see Kraken listing BNB Chain projectsnow."
Kraken's entrance signals that quality projects, even born in Binance's orbit, are starting to stand on their own. This kind of cross-platform recognition brings more trust and eases entry for new users. PancakeSwap continues to reign supreme, accounting for over 90% of the total DEX activity on the chain.
What the Future Holds for CAKE
With a TVL (Total Value Locked) of around $1.68 billion, it's clear that users still trust in PancakeSwap's pools and farms. Analysts claim that CAKE might be undervalued compared to its current market cap. A whopping 62% of CAKE tokens are held by whales, demonstrating its dominance in the chain projects. Kraken's listing could serve as a soft catalyst for its growth, albeit gradually rather than overnight. It may attract a new wave of cautious investors who favor centralized exchanges but are intrigued by DeFi.
In a nutshell, while listing on Kraken could boost CAKE's price, whether it breaks through the $3 barrier depends on several factors, including market conditions, competitor performance, and continued innovation and adoption by PancakeSwap. So buckle up, crypto enthusiasts; it's time to watch the PancakeSwap ride unfold. 🥪💰🚀
- CAKE's native token of PancakeSwap, now listed on Kraken exchange, is attracting attention from investors eager to see if its price will break through the $3 barrier.
- Despite the token's market cap hovering around $654.9 million and a weekly increase of only 5%, analysts claim that CAKE might be undervalued compared to its current market cap.
- As more Kraken traders gain access to CAKE without the need for BNB wallets or centralized interfaces, the listing might nudge the numbers, providing a soft catalyst for its growth.
- Changpeng Zhao (CZ), Binance's founder, has noted the encouraging trend of BNB Chain projects receiving support from other major platforms, including Kraken.
- PancakeSwap, with its user-friendly interface and powerful performance, is venturing into the "big leagues" with this listing, continuing to reign supreme, accounting for over 90% of the total DEX activity on the chain.
- A whopping 62% of CAKE tokens are held by whales, demonstrating its dominance in the chain projects. This dominance could attract a new wave of cautious investors who favor centralized exchanges but are intrigued by DeFi.
- With a TVL (Total Value Locked) of around $1.68 billion, users still trust in PancakeSwap's pools and farms, making it a significant player in the DeFi market.
- The future of CAKE depends on various factors, including market conditions, competitor performance, and continued innovation and adoption by PancakeSwap, which may influence its ability to break through the $3 barrier and maintain its dominance in the DeFi sector as the market evolves towards 2025.
