6 months ago
32
Raydium (RAY), the starring DEX connected Solana, conscionable got hammered, dropping 24% to $3.23 successful the past 24 hours. Word connected the thoroughfare is that Pump.fun, a well-known memecoin level connected Solana, is readying to rotation retired its ain AMM, which could shingle up Raydium’s dominance.
Source: CoinMarketCapRAY’s marketplace headdress present sits astir $941.34 million, portion its 24-hour trading measurement has skyrocketed 204.27% to $202.05 million. From a method perspective, RAY has been moving wrong an ascending broadening wedge, a signifier often signaling trouble.
The existent downtrend started aft the token got rejected astatine $8.67 connected January 23, dragging it toward its little trendline enactment astatine $4.31 earlier this latest tumble.
Just weeks ago, Raydium was riding a question of bullish momentum. Bitcoin (BTC) had surged past $103,000 from a Monday debased of $89,000, and RAY followed suit, jumping implicit 16%. Everything seemed to beryllium going great, until now.
Here’s the twist, Raydium’s Total Value Locked (TVL) is inactive booming. According to DefiLlama, the DEX deed an all-time precocious of $2.589 cardinal successful locked assets today, a monolithic leap from conscionable $128 cardinal astatine the commencement of 2024. That means investors are inactive putting wealth into the platform, adjacent if the terms of RAY isn’t reflecting that assurance astatine the moment.
Now the question is that tin Raydium emergence backmost again? With Pump.fun, If with rapidly expanding contention entering the AMM space, RAY’s destiny hinges present connected capitalist religion and if it tin proceed demonstrating its worth successful an ever-evolving Solana ecosystem.
English (US) ·