Raydium price has surged to a record high of $7.8520, making it one of the best-performing crypto token in the industry. It has soared by over 3,200% as its network continued to flip popular decentralized exchange networks like Uniswap and PancakeSwap. So, is it safe to invest in the RAY token?
Raydium overtook Uniswap and PancakeSwap
Raydum has become one of the top beneficiaries of the growing Solana ecosystem. Launched in 2021, it has become the most popular DEX network in the crypto industry, flipping multi-chain behemoths like Uniswap and PancakeSwap.
Its growth was driven by the performance of Solana’s meme coin ecosystem, which has continued growing this year. The most notable entrants to the ecosystem were the Official Trump (TRUMP) and Melania meme coins.
Data shows that these Solana meme coins have accumulated over $22 billion in market cap. Official Trump leads with over $6.7 billion in market cap, followed by other tokens like Bonk, Fartcoin, Pudgy Penguins, and Dogwifhat.
Data shows that the Raydium network has overtaken Uniswap and PancakeSwap, a notable development since it exists only on Solana. The other two are multi-chain DEX networks that are in top chains like Base, Ethereum, BNB Chain, and Sui.
According to DeFi Llama, Raydium’s weekly volume jumped by 238% to $58 billion, a record high. PancakeSwap’s volume across all chains rose by 187% to $8.4 billion, while Uniswap handled $29.7 billion.
Other Solana DEX networks, such as Meteora, Lifinity, and Orca, have handled billions of dollars in the past few days. As the Solana ecosystem grows, this trend may continue in the coming months.
Raydium is hoping to continue growing by venturing in the perpetual futures industry that handled over $25 billion in the last 24 hours. It announced that it would soon launch a perpetual futures product.
This is a big industry that Hyperliquid dominates. Data shows that Hyperliquid’s volume jumped by 268% in the last seven days to over $76 billion. That makes it much higher than the volume Raydium handled in the DEX industry.
Jupiter, the biggest perpetual DEX on Solana handled over $11.65 billion in the last seven days. Therefore, Raydium will be supercharged since its perpetual DEX network will likely succeed.
All this has led to a surge in network revenue and more RAY token incineration. Raydium has generated over $363 million in the last 12 months. At the same time, the network launched the biggest buyback on record as it repurchased 55 million RAY tokens. This means that about 10% of the total supply has been accumulated from these buybacks.
. @RaydiumProtocol just recorded its highest buyback day ever. Over 1.6M RAY was bought and transferred, totalling over 55M RAY accumulated from buybacks. That’s over 10% of the total supply of RAY accumulated just from buybacks.
Raydium price forecast
RAY price chart | Source: TradingView
The daily chart shows that the RAY token price surged to a record high of $7.85, a big increase from the all-time low of $0.1740. RAY has flipped the crucial resistance point at $6.50, the highest swing on November 21. Moving above that level invalidated the double-top chart pattern.
Raydium has remains above the 50-day moving average, while oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards. Therefore, the coin has more room to run, with the next point to watch being at $9.16. A move above that price will point to more gains, potentially to $10.
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