RAY price goes bonkers as Raydium (RAY) DEX gains market share

Raydium’s (RAY) price went parabolic this week as it jumped to a high of $2.0, much higher than the year-to-date low of $0.10. This surge has pushed its total market cap to more than $486 million, making it one of the biggest parts of the Solana ecosystem.

RAY chart by TradingView

Raydium’s token has surged as investors continue cheering the strength of Solana’s ecosystem. Most tokens in the network like Bonk, Samodeycoin, and Solend have all surged hard in the past few months. As a result, Solana has now overtaken Dogecoin to become the fifth biggest crypto in the world.

Raydium price is surging after Circle launched $EURC stablecoin on Solana this week. EURC is the company’s dollar equivalent to the USDC coin, the second-biggest stablecoin in the world.

Most importantly, Raydium has seen is market share jump recently. Data compiled by CoinMarketCap shows that Raydium has grown to become the fifth biggest DEX in the world after dYdX, Uniswap, Orca, and Vertex Protocol. The network handled more than $320 million in transactions in the past 24 hours.

At the same time, the Total Value Locked in the ecosystem has surged to more than $191 million while its historical trading volume has risen to over $59 billion.

Most of Raydium’s popular tokens are the likes of Bonk, Jito, Solend, and Samoyedcoin, one of the fastest-growing meme coins in the industry. Launched a few weeks ago, Samoyed has seen its total market cap jump to over $77 million.

Raydium’s RAY is not the only Solana token that is surging. Serum’s SRM token has risen by more than 40% in the past 24 hours. This is notable since Serum was the biggest players in the Solana ecosystem before the FTX collapse.

Bonfida’s FIDA token has soared by more than 43% in the past 24 hours while Solanium is up by over 30%. Solana itself has jumped by over 17% in the same period.

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