• Raydium witnessed a price surge of over 20% today after surpassing Uniswap. 

  • The RAY token is trading at $5.46 with $1.58 billion market cap. 

After more than a month of not so significant market price rises, Raydium token RAY’s price increased by more than 20% today. While the broader crypto market is facing a price correction, several altcoins, including RAY, witnessed considerable gains. After almost touching the $6 mark, Raydium made it to the CoinMarketCap’s top gainers list today. 

RAY Token Price in the Last 24 Hours (Source: CoinMarketCap) 

The Solana’s top decentralized exchange Raydium’s native token RAY price surged by more than 20% today. It is currently trading at around $5.4, after going to as high as $5.734 a few hours ago. The market cap is around $1.59 billion, up by 20%, while the trading volume has increased by around 90% in the last 24 hours. 

When Bitcoin breached its $100,000 milestone and the whole market was on a bull run at the beginning of December, Raydium was trading sideways. Now, while the market is facing a slight correction, RAY’s value is going up. The increasing trading volume on Raydium DEX is the primary reason behind RAY token’s price surge. 

Can Raydium (RAY) Sustain the Price Rally?

Raydium and Uniswap Monthly DEX Volume (Source: Messari)

The major factor behind the current price surge is the extensive use and adoption of Raydium by the Solana community. Raydium even surpassed Uniswap in terms of trading volume for two consecutive months. It handled around $124.6 billion in volume in November and became the top decentralized exchange. 

Since the beginning of the upward price movement of the overall crypto market, Solana memecoin trading has been increasing. The launch Pump.fun, with its simplified interface to launch and trade memecoins, has also contributed to the large volume of Raydium, both platforms being on the Solana blockchain. 

The price rally despite a crypto market correction made the Solana community wonder whether the price rally could continue into the new year. As the analysts predict, if a much bigger bull run is yet to come, it definitely would have an impact on RAY token price as well. With the increasing interest around Solana memecoin trading and the large use base of Raydium could push RAY token price to new highs in the coming weeks. 

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