PancakeSwap’s CAKE token is the market’s top performer today, surging 21% in the past 24 hours. At press time, the altcoin trades at $2.56.
This rally comes as CAKE records its highest daily spot inflow in a month amid strong demand and renewed investor interest in the token.
CAKE Rockets Higher with $3.37 Million Inflows—Is More Upside Ahead?
CAKE’s price rally is primarily driven by the sharp increase in trading activity on the PancakeSwap decentralized exchange (DEX). Over the past few days, the platform has seen a significant uptick in daily trading volume, outperforming Ethereum’s Uniswap and Solana’s Raydium.
The trend has triggered a surge in demand for the DEX’s native token, CAKE, causing its value to soar by double digits. The uptick in buying pressure is reflected by the token’s spot inflows, currently at $3.37 million, its single-day highest figure in the past month.
When an asset records spot inflows, the number of tokens purchased and moved into spot markets has increased, indicating rising demand. CAKE’s high spot inflows suggest that investors are actively accumulating the asset. If this buying pressure continues, it can drive further price appreciation.
This is a bullish signal, especially as it is accompanied by positive market sentiment, as shown by the token’s funding rate, which is 0.0021% as of this writing.
The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep the contract price aligned with the spot market. A positive funding rate means long traders are paying short traders, indicating strong demand and bullish market sentiment for CAKE.
With rising inflows and growing demand, CAKE’s price performance suggests that traders are positioning for further upside. If demand continues at this pace, the token could extend its gains, drawing even more liquidity into PancakeSwap’s ecosystem.
CAKE’s rally has pushed it significantly above its 20-day exponential moving average (EMA) which now forms dynamic support below its price at $1.93.
This moving average measures an asset’s average price over the past 20 trading days. It gives more weight to recent price data, making it more responsive to price movements than a simple moving average.
When an asset’s price climbs above the 20-day EMA, it signals bullish momentum, suggesting that buyers are in control and the asset may continue its upward trend.
If this trend persists, CAKE could extend its uptrend to $2.90.
On the other hand, a resurgence in profit-taking activity could prevent this from happening. If CAKE demand stalls and it sheds its recent gains, its value could plunge to $2.41. If that support level fails to hold, the token’s price could drop to $2.01.
Crypto scams are surging as more people flock to digital currencies, with fraudsters exploiting the industry’s rapid growth to deceive investors.
Recently, numerous crypto users reported receiving fraudulent emails claiming that the Gemini exchange had filed for bankruptcy. Meanwhile, Coinbase Exchange has admitted that an employee illegally accessed user account information.
Gemini Exchange Addresses Bankruptcy Allegations
Multiple accounts highlighted the scam on social media, indicating that an email circulating falsely claims that Gemini has filed for bankruptcy. The email instructed users to withdraw to an Exodus wallet and provided a seed phrase.
These phishing emails, shared on April 1, urged recipients to withdraw their funds into a specified crypto wallet to protect their assets. This was an attempt to deceive users into transferring their cryptocurrencies to wallets controlled by scammers.
“Do not follow these directions. Please retweet to protect those that may have been doxxed and sent this email,” wrote Jason Williams, a contributor to Fox Business.
The deceptive emails alleged a substantial loss of $1.2 billion by Gemini Exchange. Understandably, some novice investors would heed this email and even move their assets to the address. After all, some victims of FTX Exchange contagion continue to pursue their funds even years after the incident.
“I got one also. It is better than your typical ‘Coin Base’ one, but still not quite there. Might fool a boomer though,” one X user remarked.
However, security experts advise users to always verify information through official channels, avoid clicking on unsolicited links, and refrain from sharing personal data. Gemini issued an official warning in response to the scam, acknowledging the threat against its users.
“We recently learned that some Gemini customers are being targeted with scam emails requesting users to transfer their crypto to outside wallets. Please be aware that Gemini will never request that you send crypto to outside wallets,” the exchange articulated.
Coinbase Admits Employee Illegally Accessed User Account Data
Coinbase exchange acknowledged a privacy violation by one of its staff in a somewhat related development. Specifically, a customer service employee accessed user account information without authorization.
This breach has raised concerns about potential scams targeting Coinbase users. Mike Dudas, a crypto investor and co-founder at The Block, shared an email from Coinbase acknowledging the incident.
“That explains the fake Coinbase phishing emails and phone calls today,” he stated.
This breach coincides with reports of phishing attempts, as users have received fake emails and calls purporting to be from Coinbase. These incidents reflect a broader wave of crypto-related fraud.
Blockchain investigator ZachXBT reported that Coinbase users lost over $65 million to social engineering scams between December 2024 and January 2025.
“Coinbase did not detect it; I sent them the intel,” the blockchain investigated noted.
Additionally, crypto analyst Cobie suggested Kraken might be experiencing a similar issue. Per his post, a new attack may be budding, where attackers infiltrate customer service roles to exfiltrate data.
“Kraken also recently hit with this too. Maybe a new scheme from attackers (get a CS agent employee in, exfil data),” the analyst remarked.
Amidst these events, ZachXBT recently explained how to avoid crypto scams. He emphasizes the importance of conducting thorough research before engaging with new DeFi protocols, especially those forked from existing projects on newly launched EVM chains.
Welcome to the US Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see why Standard Chartered thinks XRP could soon leapfrog Ethereum, how Tether’s institutional pivot might reshape the stablecoin market, and how players like BlackRock, Galaxy Digital, and the Federal Reserve could shape crypto’s next chapter.
Standard Chartered says XRP Set to Outperform, Could Overtake Ethereum by 2028
As global trade tensions intensify, Standard Chartered sees a silver lining for crypto investors, urging them to focus on long-term winners poised to benefit from the disruption.
“Tariff noise creates the opportunity to look for long-term value/pick winners in Digital Assets for the next leg higher. Today we add XRP to that list of winners (BTC and AVAX other identified winners, ETH identified loser). XRP’s core use is as a cross-border and cross-currency payments platform. That part of Digital Assets is undergoing a shift higher in volumes, something we see continuing. By the end of 2028 we see XRP’s market cap overtaking Ethereum’s. That will make XRP the second largest (non-stablecoin) Digital Asset at that time. Keep looking for winners and HODLing those you already own”, Geoff Kendrick, Standard Chartered’s Head of Digital Asset Research, in an email to BeInCrypto.
Kendrick also pointed to Bitcoin’s resilience as a signal of what’s to come for the broader crypto market.
“Tariff mess will be over soon, and Bitcoin’s solid performance during the noise tells us a leg higher for the asset class will follow” he said.
He also points out important points about the recent performance of XRP:
“XRP price rose 6x in the two months following Trump’s election victory, the strongest performance among the top 15 digital assets by market cap. This reflected market expectations that the SEC would drop its appeal of a court ruling concerning Ripple, as well as the potential for XRP ETFs to be approved under new SEC leadership.”
But Kendrick believes the fundamentals — not just politics — are driving XRP’s momentum.
“We think these gains are sustainable, not just because of recent leadership changes at the SEC but also because XRP is uniquely positioned at the heart of one of the fastest-growing uses for digital assets – facilitation of cross-border and cross-currency payments. In this way, XRPL is similar to the main use case for stablecoins such as Tether: blockchain-enabled financial transactions that have traditionally been done through traditional financial (TradFi) institutions. This stablecoin use has grown 50% annually over the past two years, and we expect stablecoin transactions to increase 10x over the next four years. We think this bodes well for XRPL’s throughput growth, given the similar use cases for stablecoins and XRPL.”
Tether’s Big Play: Institutional-Grade Stablecoin Targets US Market
Charles Wayn, co-founder of decentralized Web3 super-app Galxe, told BeInCrypto that:
“The news that Tether is planning to launch an institutional-grade stablecoin for the US market is fantastic for the crypto industry. Tether pioneered stablecoins with its first launch over a decade ago in 2014, and its flagship product — USDT — is now the third largest cryptocurrency in the world. Unlike its rival, USDC, USDT has never been formally audited, leading to frequent questions over its balance sheet. Nonetheless, it remains the industry’s favored stablecoin, shown by its market cap of over $144 billion, which is well over double the size of USDC’s $60 billion.”
Wayn believes this move, along with Tether’s push for transparency, positions the company as a future leader in institutional crypto adoption.
“As such, this move, combined with other recent news that Tether is seeking a full audit from a Big Four accounting firm, shows that the company is not only willing to be compliant but also be a leader in institutional adoption. While USDT sadly did not pass the EU’s directive on stablecoins under MiCA, this new product will likely be designed to pass new legislation coming from the US.”
He adds that institutional momentum — fueled by players like BlackRock — reinforces why now is a pivotal moment for stablecoins and broader market stability.
“As such, there is little doubt that USDT will work hard to launch its new product in good time. As we see huge institutions like BlackRock further entering the market with another $66 million purchase of Bitcoin last week, along with the rapid growth of its RWA BUIDL fund, institutional adoption is now taking off rapidly.”
Crypto Chart of the Day
Total Stablecoin Market Cap and BTC Price. Source: Coinglass.
Stablecoins total market cap is currently close to its all-time highs, above $210 billion.
Byte-Sized Alpha
– Analysts warn that a return to Quantitative Easing in 2025 could ignite a massive crypto rally, potentially pushing Bitcoin toward $1 million and sparking a surge in altcoins.
– Zero inflows into Bitcoin ETFs and declining futures interest hint at fading investor confidence, though rising put contracts and positive funding rates point to cautious optimism.
– Galaxy Digital secures SEC approval to reorganize and move toward a May 2025 Nasdaq listing, signaling renewed confidence in crypto amid improving US policy support.
– Binance Research shows that during tariffs, RWA tokens outperform Bitcoin, as rising macro pressures weaken BTC’s role as a diversification asset.
– MicroStrategy’s pause in Bitcoin buying last week, amid $5.91 billion in unrealized losses, signals growing caution and raises questions about liquidity, debt, and broader institutional confidence.
The meme coin market is full of surprises, as new trends emerge with every passing day, and the past few days have not disappointed. As the demand for trading bots grows, Solana, being a hotspot for meme coins, has noted the emergence of Axiom as the next big thing.
BeInCrypto has analyzed two other meme coins for investors to watch as they attempt to recover their recent losses.
Animecoin (ANIME)
Launch Date – January 2025
Total Circulating Supply – 5.53 Billion ANIME
Maximum Supply – 10 Billion ANIME
Fully Diluted Valuation (FDV) – $195.39 Million
ANIME’s price surged by 31% in the last 24 hours, trading at $0.019. The meme coin is now approaching the $0.020 resistance, which it failed to secure in the previous month. This resistance level is crucial for continuing its recent momentum and sustaining upward movement.
If ANIME maintains its current bullish momentum and flips $0.020 into support, it could target the next resistance level at $0.023. A successful breach of this level would indicate a strong uptrend and potentially lead to further price increases, attracting additional investor interest.
However, if broader market conditions fail to support this bullish outlook, ANIME could face a decline. A drop below the $0.017 support would suggest a reversal, with the possibility of the price falling to $0.015, invalidating the bullish thesis and signaling a potential further downturn.
Brett (BRETT)
Launch Date – May 2023
Total Circulating Supply – 9.91 Billion BRETT
Maximum Supply – 10 Billion BRETT
Fully Diluted Valuation (FDV) – $375.52 Million
Another one of the meme coins to watch, BRETT, has shown significant growth, posting a 46% increase in the last seven days. This strong performance has brought the meme coin to $0.036 despite the dominance of other meme coins in the market. BRETT’s price action shows potential for further growth if key resistance levels are breached.
However, BRETT is now facing resistance at $0.038, a level it failed to breach in March. If the meme coin can successfully break through this barrier, it may rise to $0.042, reaching a new monthly high and signaling continued upward momentum, attracting investor interest.
On the other hand, if BRETT fails to breach $0.038 again, the price could retreat towards $0.030. This would invalidate the current bullish outlook, erasing much of the recent gains and suggesting the meme coin may struggle to maintain its upward momentum in the short term.
Small Cap Corner – Axiom
Axiom, although not a meme coin, has caught the attention of meme coin enthusiasts. This Solana-based trading bot recently saw a surge in demand, making it the largest bot on the platform, surpassing established bots like Photon, BullX, and GMGN.
Axiom’s success is impressive, recently surpassing $100 million in daily trading volume and commanding 41% of Solana’s entire trading bot volume. The rise of bots for speculative trading offers a convenient solution, and Axiom adds to this trend with its one-tap functionality for executing complex trades.
The growing reliance on bots for speculative trading, especially when it comes to meme coins, provides an easier path for investors. As meme coin investments are often driven by volatility, Axiom offers a middle ground for users seeking to trade these assets effectively. Given the increasing interest, Q2 could see a surge in trading bots, making it essential for meme coin enthusiasts to explore these tools.
However, speculative trading, particularly with meme coins, carries inherent risks. BeInCrypto strongly advises to DYOR before diving into such investments.
