Raydium Token Surges 24.5% Amid Solana's On-Chain Activity Spike

The Raydium (RAY) token surged by 24.5% in the past 24 hours, reaching a daily trading volume of $173.8 million on April 26, according to CoinGecko data.

This significant price movement is likely due to the broader on-chain activity on Solana, with SOL trading at $85.89, down just 0.6% on the day.

The increase in volume is not limited to Raydium, as Orca, a rival Solana DEX, reported a 63% price surge with $348.8 million in volume.

This uptick in trading activity can be attributed to the recent spike in meme token launches on Solana, which often lift AMM volumes.

Raydium's architecture, built on Solana and using a central order book model borrowed from Serum, allows liquidity providers to earn fees from both AMM swaps and limit-order activity.