PancakeSwap sees gains amid major Coinbase announcement

PancakeSwap (CAKE) is among the few top 100 cryptocurrencies by market capitalization holding in the green during early Thursday trading, defying a broader market downturn that has pushed most digital assets into negative territory. CAKE price was up 3% in the past 24 hours, changing hands at around $2.48. While these are modest gains compared to the recent spikes in crypto, the altcoin still defied the overall downturn that saw Bitcoin (BTC) once again fall below $ 105,000. PancakeSwap (CAKE) price gains amid Coinbase listing announcement Major crypto exchange Coinbase plans to list PancakeSwap, and an announcement to this effect looks to have injected fresh momentum into CAKE. On June 4, the US-based cryptocurrency exchange disclosed that it had added the decentralized exchange platform’s native token to its asset roadmap. Like with other such announcements, community reaction is largely bullish. The CAKE price rose amid the potential listing milestone. Coinbase Assets 🛡️ @CoinbaseAssets · Follow Assets added to the roadmap today: PancakeSwap (CAKE) coinbase.com/blog/increasin… 12:51 am · 5 Jun 2025 403 Reply Copy link Read 88 replies Other positive developments for PancakeSwap include Solv Protocol’s launch of the $SOLV/USD1 trading pair on PancakeSwap. The initiative in support of the US dollar pegged stablecoin includes a $1 million initial liquidity program. The launch follows the recently announced partnership between Trump-backed World Liberty Financial and PancakeSwap. USD1 is World Liberty Financial’s stablecoin project. Meanwhile, PancakeSwap continues to dominate decentralized exchange (DEX) trading volume. According to DeFiLlama data, the platform registered $11.6 billion in trading volume over the past 24 hours. Over the last 30 days, cumulative volume has surged past $149 billion. CAKE price outlook PancakeSwap’s price reached a high of $2.90 in late May but has since struggled to maintain upward momentum after falling below the $2.30 level. While the gains over the past 24 hours contribute to a modest short-term recovery, CAKE remains down 8% over the past week. The token has also repeatedly pulled back from resistance around the $2.80 mark, highlighting persistent selling pressure at higher levels. See the CAKE price chart below: CAKE price chart by TradingView This outlook mirrors the broader crypto market, where Bitcoin has struggled since dipping below $110k. Mainly, analysts say the bull cycle is not seeing the euphoric buying that has characterized previous bull markets. According to Cauê Oliveira, head of research and on-chain analyst at BlockTrends, the current market outlook still hasn’t witnessed retail euphoria. BTC on-chain demand has also fallen, the analyst added in a post on X . “In the last 30 days, retail demand has fallen by approximately 2.45%, indicating that smaller investors have not yet reached a euphoric dynamic in the current market,” he noted. CAKE may follow this pattern, with the Coinbase listing likely to spark further interest. If prices go higher, PancakeSwap could target $3 and the $4.2 high seen in December. On the downside, $2 is a crucial support area. The post PancakeSwap sees gains amid major Coinbase announcement appeared first on Invezz

Source: Invezz