Raydium’s Dominance of Solana DEXs Leads to Significant Increase in Native Token Price

Raydium’s domination of Solana DEXs had THIS impact on RAY’s ATH

In a recent development that has sent shockwaves across the cryptocurrency market, it has emerged that Raydium’s dominance of Solana DEXs has led to a significant increase in the price of its native token, RAY. According to reports, the token hit an all-time high (ATH) as a result of the surge in demand for its services.

The reason behind this remarkable upswing is attributed to Raydium’s impressive lead in network fees and revenue over the past year. As it stands, the DEX has generated roughly 80% of all DEX fees on Solana, a feat that has not been achieved by any other competitor.

Over the past 12 months, Raydium managed to secure an astonishing $751.16 million in fees, with its revenue amounting to a staggering $53 million. These figures are truly remarkable and have contributed significantly to the increase in value of RAY, which has seen an unprecedented rally.

As a result of this trend, it is believed that the token’s price may continue to rise if Solana network activity maintains its robust levels over the coming months. This sentiment is further reinforced by the recent volume spike recorded by Raydium, with the DEX registering a whopping 248% increase in daily volume within the last 24 hours.

The surge in demand for RAY has been fueled largely by speculation and rumors surrounding the release of TRUMP memecoin, which has seen its popularity skyrocket. The rally, which began on January 13th, shows no signs of slowing down anytime soon and is expected to continue driving up the value of RAY in the coming days.

It is worth noting that despite its recent surge, RAY does not appear overbought at this time, indicating that it could potentially spend more time in price discovery.

Source: ambcrypto.com