Raydiums domination of Solana DEXs had THIS impact on RAYs ATH

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

Bitcoin Ethereum News

Solanas ecosystem is once again seeing some excitement and Raydium is still the most popular means of access. This means that Raydium is keeping up with the same trend observed last year, one during which it was the king of Solana DEXs.

Raydium has maintained a strong lead as the most dominant DEX in the Solana ecosystem over the last 12 months. This was particularly evident based on the fees generated over the aforementioned period. In fact, it earned roughly 80% all DEX fees generated on Solana.

Source: DeFiLlama

According to DeFiLlama, Raydium generated $751.16 million in fees in the last 12 months. Its 1-year revenue was $53 million. For context, Orca was the runner-up with the second highest fees, with figures of $43.1 million in the last 12 months.

This robust lead confirmed that Raydium was the most popular of all Solana DEXs over the past year. The DEX is still recording impressive levels of network activity, especially on the back of the markets latest performances.

Source: DeFiLlama

Raydiums total value locked grew considerably over the last 12 months, from as low as $164.16 million at the start of 2024. In fact, it just clocked a new ATH at $2.84 billion in the last 24 hours.

Raydium DEX volume spikes alongside demand for RAY

Raydiums TVL growth has also been accompanied by impressive daily volumes since September last year. Speaking of volume, the DEX just recorded a volume spike to $4.18 billion – Its highest level in 7 weeks. In fact, the daily volume shot up by over 248% in the last 24 hours.

The volume spike was mostly associated with the hike in demand for the newly-launched TRUMP memecoin. This also triggered significant appetite for the RAY token. The latter has been rallying since 13 January and it soared to as high as $6.88 – A new ATH.

Source: TradingView

RAY was not yet overbought at press time, indicating that it could potentially spend more time in price discovery.

Based on its recent market activity, it seemed clear that RAYs performance may be heavily pegged on Solana network activity. This means that the token could continue to record more demand if the network maintains robust activity in the coming months.

RAY had a $1.96 billion marketcap at press time and a relatively low circulating supply of 290.88 million tokens. Its recent organic demand could potentially lead to more speculative inflows in the coming months, thus highlighting its potential upside.