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RAY Surges After Upbit Listing — Are Whales Already Out?
Raydium (RAY) has seen a significant surge of 9.5% as South Korea’s largest exchange, Upbit, announced its listing of RAY/USDT and RAY/KRW pairs on its platform. This sudden price increase amid the market-wide sluggishness may signal the end of whales’ profit-taking activities.
The token’s value jumped by over 25% to $2.62 after the listing news broke, but it has since corrected to around $2.28 at the time of writing. Despite this correction, the cryptocurrency still gained nearly $60 million in its market capitalization within a 24-hour period. The rapid price increase pushed Raydium into the top 100 cryptocurrencies by market capitalization, currently ranking 99th with a valuation of $607 million.
The surge was accompanied by a substantial increase in trading volume, which hit an unprecedented $371 million within the past day. This spike in activity attracted traders looking to capitalize on short-term gains. The sudden influx of traders and the token’s price action have led many to speculate about whale activities and potential profit-taking.
In fact, a whale deposit of 906,788 RAY tokens worth approximately $2.26 million into Binance following the price pump suggests that whales may have already pocketed their profits.
Source: www.coinspeaker.com
