RAY price rallies as Raydium’s LaunchLab flips Pump.fun in token graduations
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Raydium’s token RAY remained elevated in the past 24 hours, even as the broad crypto market retreated after the latest bounce-back.
While Bitcoin consolidates around $103K with a brief 0.23% 24-hour gain, RAY soared nearly 20% on its daily chart, adding over 50% within the previous seven days.
Raydium’s latest milestone, which indicates a dynamic shift in meme token launches within the Solana ecosystem, contributed to RAY’s upside momentum.
Notably, the newly launched LaunchLab outshone Pump.fun in daily token graduations.
Dune Analytics data shows LaunchLabs witnessed 198 daily token graduates as of May 13, eclipsing Pump.fun’s 171.
The stats highlight a notable change in developer preference within the Solana blockchain.
Token graduations refer to the assets that move from the experimentation stage after meeting specific conditions, including trading and liquidity volumes.
The latest shift shows that most developers are migrating to Raydium, possibly due to the platform’s liquidity pools and lucrative integrations with Solana.
Crypto developers migrating to Raydium’s infrastructure
LaunchLab remains attractive due to its hybrid offerings, which make it a one-stop shop for everything to do with creating and launching digital assets.
For example, the high-end tool allows projects to leverage DEX liquidity, create sustainable tokenomics, and participate in Initial DEX Offerings (IDO).
The increasing number of assets graduating from LaunchLab within a day might confirm the shifting trend of meme token developers looking to legitimize their assets.
Pump.fun has met criticism as it became a hotbed for fraudsters looking to scam innocent investors.
Meanwhile, creators are now shifting to more structured launches, targeting long-term sustainability and utility. That aligns with Raydium’s objectives.
Enthusiasts will watch Raydium and Pump.fun’s competition in the upcoming times. Will the former dethrone the latter completely?
While LaunchLab outshone in daily asset graduations, Pump.fun dominated the raw number, with 23,073 tokens launched compared to LaunchLab’s 15,558.
With Raydium gaining traction among creators interested in legitimacy, Pump.fun’s dominance appears shaken.
RAY soars on ecosystem developments
RAY maintained a robust bullish momentum as LaunchLab saw a surge in activity.
The alt gained 16% and 52% in the past day and week to hover at $3.72 during this publication.
The increasing 24-hour trading volume signals renewed trader and investor interest in Raydium.
Technical indicators support RAY’s upside stance, aligning with the broad-based market optimism.
The alt trades beyond the Super Trend indicators and the 20-day EMA, suggesting further gains before potential cool-offs.
Buyers likely target the key price level at $4.18 – an 11% surge from current prices.
However, possible profit-taking after the latest rally could postpone the upside, pushing RAY prices back to the $2.88 mark.
Broad market sentiments could be vital in shaping RAY’s near-term trajectory.
The post RAY price rallies as Raydium’s LaunchLab flips Pump.fun in token graduations appeared first on Invezz
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