PancakeSwap's CAKE Token Trades at $2.06 on Kraken, Up 1% in 24 Hours

PancakeSwap, a prominent decentralized finance (DeFi) platform, has made a significant stride with its native token, CAKE, now trading on the Kraken exchange. This development has sparked enthusiasm among DeFi observers, who see it as a pivotal move for BNB Chain projects in the broader crypto industry. PancakeSwap has long been recognized for its user engagement and robust presence in the DeFi space, and its listing on Kraken marks a transition into more mainstream territory. This move is not merely about adding another token to the exchange; it signifies the growing acceptance of DeFi technologies by centralized exchanges, which were once skeptical of this experimental tech.

As of May 1, 2025, CAKE is trading at $2.06, reflecting a modest 1% increase over the past 24 hours. The token’s market capitalization stands at approximately $654.9 million, with a daily trading volume of around $50.5 million. Over the past week, CAKE has seen a 5% rise, although it has yet to surpass the $3 mark. The fully diluted valuation (FDV) of CAKE is close to $928 million, based on a total supply of 372.83 million tokens. These figures indicate stability, a quality not commonly associated with DeFi tokens. The listing on Kraken could further boost these numbers, as more traders gain access to CAKE without the need for BNB wallets or decentralized interfaces.

The listing of CAKE on Kraken is part of a broader trend where BNB Chain projects are gaining support from other major platforms. Changpeng Zhao, the founder of Binance, expressed his enthusiasm for this development, stating that it is encouraging to see BNB Chain projects receiving recognition from other platforms. Until recently, BNB Chain was often perceived as a Binance-only ecosystem. However, Kraken’s involvement signals that quality projects, even those originating from the Binance orbit, are beginning to stand on their own. This cross-platform recognition enhances trust and reduces barriers for new users, further solidifying PancakeSwap’s dominance in the DeFi space.

PancakeSwap currently commands a Total Value Locked (TVL) of about $1.68 billion, demonstrating ongoing user confidence in its pools and farms. Some analysts argue that CAKE might be undervalued compared to its current market capitalization. Approximately 62% of CAKE tokens are held by whales, underscoring its dominance within the BNB Chain projects. The listing on Kraken could serve as a catalyst for CAKE’s future growth, attracting a new wave of cautious investors who prefer centralized exchanges but are curious about DeFi. While this move may not immediately propel CAKE to new heights, it sets the stage for sustained growth and increased adoption in the DeFi landscape.