Orca Soars 28% in 24 Hours as Solana DEX Activity Boosts Volume
The Solana-based decentralized exchange Orca has seen a significant surge in price over the past 24 hours, rising by approximately 28% to trade near $2.10.
This increase in value comes on the back of a substantial volume of trades, with $187 million worth of ORCA changing hands against a market cap of around $127 million, resulting in a volume-to-market-cap ratio of roughly 1.5x.
The token's price movement suggests a token-specific bid rather than a broader market lift, as it also climbed about 27% against Bitcoin (BTC) and 28% against Ether (ETH) in the same window.
Orca operates a concentrated liquidity model through its Whirlpools product, which competes with Raydium for Solana DEX share. The token's sensitivity to swings in Solana DEX activity is underscored by a previous 63% one-day surge recorded on April 26, when the token hit $1.55 on $348 million in volume.