Raydium, Solana’s flagship decentralized trade (DEX), has recorded file ranges of property for the reason that launch of US President Donald Trump’s official memecoin, whose identify and ticker are TRUMP.
As CriptoNoticias has reported, The US president’s cryptocurrency reached an all-time excessive of $75, simply hours after its launch, and is at present one of many 30 most dear property in the marketplace, in accordance with CoinMarketCap.
The TRUMP coin made its debut on January 17 on the Solana community and is out there on Raydium, which fueled a rise in its exercise.
On the time of publication of this word, The buying and selling quantity within the final 24 hours of the Solana DEX exceeds $570 million.
The great efficiency permits it to face out above Uniswap, one of many largest Ethereum DEXs, in accordance with knowledge from CoinGecko.
For its half, on-chain knowledge replicate that Raydium marked an all-time excessive (ATH) of whole worth locked (TVL) for the reason that launch of TRUMP. At the moment, its TVL exceeds 2,671 million {dollars}.
As CriptoNoticias already defined, when customers deposit funds in liquidity swimming pools, These property are locked in sensible contracts, which will increase the TVL of the surroundings. Sometimes, this happens when there are spikes in exercise, equivalent to these fueled by the launch of TRUMP.
The Raydium token (RAY) stood out with a weekly improve of 40%, positioning itself as among the best performing property available in the market throughout that interval.
On the time of publication of this word, RAY’s value is $7, a degree not seen since 2022.
Likewise, it must be famous that RAY’s market capitalization exceeded $2 billion, reaching a brand new ATH.
Nevertheless, it is very important clarify that, along with the rise in exercise, there may be one other issue driving the latest improve within the value of RAY.
The developer crew is implementing an lively buyback technique, which consists of utilizing a portion of the income or charges generated to accumulate RAY tokens in the marketplace. The target of this motion is to scale back its circulation or, in some circumstances, proceed to burn it, which creates upward strain on the worth of the token.
Though charges at Raydium are paid in solana (SOL), the protocol can take that revenue and convert it to RAY after which purchase again the tokens.
The next graph reveals how RAY’s buyback technique has intensified for the reason that finish of 2024.
Lastly, it must be famous that Buying and selling quantity of all Solana DEXs exceeded $27 billion on January 18your new ATH.
