CAKE Listing on Kraken Exchange Sparks Enthusiasm Among DeFi Observers

input: CAKE, the native token of PanCakeSwap trading on Kraken exchange, has raised the enthusiasm among decentralised (DeFi) observers.

CAKE, the native token of PanCakeSwap trading on Kraken exchange, has raised the enthusiasm among decentralised (DeFi) observers. Investors believe this potential move is a key step towards BNB Chain projects’ expansion in the crypto industry.

PancakeSwap has been one of the more user-engaging yet powerful names in decentralized finance, and now, with CAKE trading live on Kraken, it’s stepping into more “mainstream” territory. This listing isn’t just about adding another token; it’s a recognition of how far DeFi has come and how centralized exchanges are beginning to embrace what was once considered experimental tech.

However, the CAKE live price is around $2.5. Can this resistance break, and will it rise to $3?

CAKE Live Price and Market Performance

As of May 1, 2025, CAKE is being traded at $2.06, showing a 1% uptick over the last 24 hours as the weekly chart below shows. The token’s market cap is approximately $654.9 million, with around $50.5 million in daily trading volume.

Chart 1- CAKE/USDT Live Price, published on TradingView, May 1, 2025.

The crypto is up 5% over the last week; however, it is still unable to cross $3.

Moreover, the fully diluted valuation (FDV) is close to $928 million, based on a total supply of 372.83 million tokens. While these numbers aren’t explosive, they reflect stability, a word investors don’t often associate with DeFi tokens. This new listing could nudge those numbers upward, as more traders on Kraken gain access to CAKE without needing BNB wallets or swapping through decentralized interfaces.

See Also: Best DeFi Coins To Buy

CZ Reaction: PanCakeSwap Trading on Kraken

The addition of the CAKE token to the Kraken exchange isn’t just about a single token; it’s part of a broader shift. Even Changpeng Zhao (CZ), the founder of Binance, highlighted how encouraging it is to see BNB Chain projects receiving support from major platforms. And indeed, until recently, BNB Chain was mainly in the Binance ecosystem.

Sharing his thoughts on X, formerly Twitter, CZ expressed his enthusiasm, stating, “Great to see Kraken listing BNB Chain projects now.”

Great to see Kraken listing BNB Chain projects now. 🙏👍🔥 https://t.co/Wsara1d9mX

— Changpeng Zhao (CZ) (@binancecz) April 30, 2024

Kraken stepping in signals that quality projects, even if they were initially launched in the Binance orbit, are beginning to stand on their own. This type of cross-platform recognition brings more trust and lessens friction for new users to enter the defi world.

According to DeFi Llama, PancakeSwap remained the dominant platform, responsible for over 90% of the total DEX activity on the chain.

What’s Next for CAKE?

PancakeSwap already boasts a TVL (Total Value Locked) of about $1.68 billion, showcasing that users still have confidence in its pools and farms. Some analysts would argue that CAKE might be undervalued considering its current market cap.

Around 62% of CAKE tokens are held by whales, which showcases its dominance in the chain projects, and Kraken’s listing could serve as a soft catalyst for its future growth. It won’t send CAKE soaring overnight, but it might interest a new wave of investors who prefer centralized exchanges but are curious about decentralized technologies.