Orca Surges 28% to $2.10 Amid $187M Trading Volume

The decentralized exchange Orca has experienced significant growth in the past 24 hours, climbing approximately 28% to trade near $2.10.

This surge in value is accompanied by a substantial increase in trading volume, with over $187 million exchanged against its market cap of around $127 million, according to data from CoinGecko. This puts the token's volume-to-market-cap ratio at roughly 1.5x.

The price movement is notable, as Orca has climbed approximately 27% against Bitcoin and 28% against Ether in the same time frame. This suggests a specific bid for the asset rather than a broader market lift.

Orca operates on the Solana network, utilizing its concentrated liquidity model through its Whirlpools product, which launched in 2022 and competes with Raydium for Solana DEX share.