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- Raydium has outpaced Uniswap in DEX volumes, now leading the industry with a strong upward trend.
- Raydium’s explosive growth in 2024 signals a major shift in DeFi, with the potential to triple Uniswap’s valuation.
- RAY/USD has shown volatility, but overall price trends upward, with solid volume and consistent market momentum.
Raydium is now the biggest decentralized exchange (DEX) in the sector, surpassing Uniswap in monthly DEX volumes. Raydium’s ascent seems to be only faster as Bitcoin hits new highs and Solana speculation intensifies. With Raydium expected to outperform Uniswap in this cycle by more than three times, this increasing tendency indicates a change in market dominance. Now there is a chance that the flippening will occur.
Raydium just flipped Uniswap on monthly DEX volumes and is now the largest DEX in the industry.
— Daniel Cheung (@HighCoinviction) November 11, 2024
With Bitcoin making new highs and speculation on Solana continuing to accelerate, I expect the gap between Raydium and Uniswap to only widen from here.
Raydium likely well surpasses… pic.twitter.com/2t89UL46ei
A Steady Climb to the Top
In contrast, Uniswap’s volume was far higher in October 2023, with raydium accounting for just 1% of the total. Raydium’s share has increased to sixteen percent by the end of 2023. Raydium handled 44% of Uniswap’s volume by March of 2024 as a result of this increase. Although there were minor oscillations, including a decline to 32% in April, Raydium made significant gains all year long.
From May to July 2024, Raydium’s growth was explosive. It reached 48%, 73%, and 75% of Uniswap’s volume, respectively. Despite a slight pullback in August to 40%, Raydium rebounded in September, maintaining a consistent lead. Raydium had overtaken Uniswap with 111% of its throughput by October 2024. This quick development demonstrates Raydium’s increasing dominance in the decentralized exchange market.
Price and Volume Dynamics of RAY/USD
The RAY/USD trading pair has been volatile over the past 11 days, showing fluctuations in price from a high of $6,047 to a low of $5,335. Despite this volatility, the price trend remains generally upward, as RAY/USD broke through the $5,500 level multiple times. The market has also experienced periods of consolidation and pullbacks, which show the ongoing market uncertainty.
Source: CryptoRank
The trading volume accompanying the price movements has been equally dynamic. Periods of increased market activity are indicated by periodic volume spikes. Furthermore, there was mild purchasing pressure indicated by the Relative Strength Index (RSI), which ranged between 55 and 65 without hitting overbought or oversold levels. These factors suggest a market in transition, with Raydium making major strides toward maintaining its leadership.