news 
Raydium’s Domination of Solana DEXs Had This Impact on RAY’s ATH
Raydium has solidified its position as the top Solana decentralized exchange (DEX) over the past 12 months, generating a whopping 80% of all fees earned by DEXs on the network. As a result, Raydium’s performance has directly correlated with that of its native token, RAY, which hit an astonishing new all-time high (ATH).
According to recent data, Raydium generated $751.16 million in fees over the past year, dwarfing its closest competitor, Orca, by a significant margin. Meanwhile, its revenue reached $53 million during the same period. The impressive performance has not only cemented Raydium’s position as the leading DEX on Solana but also triggered an explosive rally in RAY’s price.
As traders flocked to the platform, RAY’s market capitalization grew to a staggering $1.96 billion, with its circulating supply remaining relatively low at 290.88 million tokens. The token’s ATH of $6.88 is a testament to Raydium’s dominance and its ability to drive growth in RAY.
The recent surge in demand for the newly launched TRUMP memecoin has also contributed significantly to RAY’s price increase, as investors seek out the platform for trading opportunities. This trend is likely to continue if Solana network activity maintains its current pace, with potential upside hinted at by the token’s relatively low circulating supply.
In summary, Raydium’s unparalleled success on the Solana network has directly influenced RAY’s ATH, highlighting the symbiotic relationship between the DEX and its native token.
Source: ambcrypto.com
