Raydium Surges to Eight-Month High as Buyback Program Sustains Uptrend
Raydium's price has surged, flipping $1 and reaching an eight-month high of $1.19 before slightly retreating to $1.09.
The altcoin's 33% daily gain was accompanied by a significant increase in trading volume, which soared 876% to $114 million.
Raydium's token buyback program has been credited with stabilizing the market and supporting future demand. The protocol currently allocates 86% of its revenue to token buybacks, having spent a total of $190 million on acquiring over 69 million RAY tokens.
The treasury holds the remaining 14% of swap fees, while 12% is directed towards open market purchases across three pools. This arrangement has reduced market pressure and supported staking activity, with staked supply reaching $36 million at press time.