Raydium’s Trading Volume Soars Over 80% in a Week. Will RAY Price Follow?

Solana-based decentralized exchange (DEX) Raydium currently ranks #1 among Solana DEXs regarding trading volume. On-chain data from the blockchain analytics platform DeFiLlama shows that Raydium saw a trading volume of over $1 billion, representing an 80.4% increase within the past week. Despite this applaudable uptrend, the project’s native token, RAY, has yet to follow a similar surge.

What Sparked Raydium’s Sudden Surge?

Several factors have likely contributed to Raydium’s sudden surge in trading volume. One is its recent embrace of the newly debuted Solana blockchain links (blinks). In late June, the Solana team launched two new products, Solana Actions and Blinks, to simplify how users transact on the Solana network.

Shortly after its debut, many Solana-based projects embraced the products. On July 1st, Raydium joined this list by integrating the Solana Blinks creation feature into its platform. The decentralized exchange also offered 1% of earnings on referral fees to users of the feature. Being excited about the new functionality, various Raydium users have likely played a role in taking the exchange’s trading volume to its current height.

Another factor likely propelling Raydium’s current metric is the continuous on-chain activities revolving around memecoins. Often regarded as the home of meme tokens, the Solana network has onboarded numerous joke-inspired cryptocurrencies. Users usually access these memecoins through token swaps on exchanges like Raydium. Due to its crucial role in the memecoin frenzy, Raydium has possibly accumulated over $1 billion, as we can see.

Two days ago, Raydium partnered with MoonGate, a Solana-focused blockchain platform, to enable users to sign in with Apple, Google, or Ethereum using the Solana DEX. This collaboration may have contributed to Raydium’s recent uptrends.

Will RAY Follow?

Over the past week, RAY’s value has failed to impress as it trades around $1.65, representing a 6.4% decrease over the past week.

It is likely that RAY’s value will significantly increase if the project introduces a new utility for the token within its ecosystem.

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