Solana's Rising Tide Lifts Raydium's RAY Token by 24.5%
Raydium's RAY token has climbed 24.5% in the past 24 hours, according to CoinGecko data.
The daily trading volume of $173.8M is roughly 77% of its market cap of $224M.
Raydium is an automated market maker built on Solana (SOL), using a central order book model borrowed from Serum, the now-defunct Solana DEX.
The protocol also functions as a launchpad for new Solana tokens through its AcceleRaytor program and sits among the top trading venues on Solana by total value locked.
The spike in Raydium's volume is attributed to the broader on-chain activity on Solana, with SOL trading at $85.89, down 0.6% on the day.
Orca, a rival Solana DEX, reported a 63% price surge with $348.8M in volume, indicating a spike in Solana-native trading demand.
The current price of RAY is $0.83, a pullback from its 2024 highs.