Well, well, well! Look who’s taken a nosedive! Raydium (RAY), the big cheese of DEX on Solana, just got a slap on the wrist, plummeting 24% to a measly $3.23 in the last 24 hours! 😱 Rumor has it, Pump.fun, the memecoin maestro, is about to crash the party with its own AMM. Talk about a plot twist! 🎉
Now, RAY’s market cap is hanging on by a thread at around $941.34 million, while its trading volume is doing the cha-cha, skyrocketing 204.27% to $202.05 million. But hold your horses! RAY’s been dancing in an ascending broadening wedge—sounds fancy, right? But it usually means trouble is lurking around the corner! 🕵️♂️
BREAKING: $RAY (@RaydiumProtocol) tumbles down by 22.9% to $3.30 as whispers of @pumpdotfun launching its own Automated Market Maker (AMM) spread like wildfire!
Keep an eye on Raydium 👇
— CoinGecko (@coingecko) February 24, 2025
This downward spiral kicked off after RAY got a big fat NO at $8.67 on January 23, dragging it down to its lower trendline support at $4.31. Ouch! 😬
Just a few weeks ago, Raydium was riding high on a bullish wave, with Bitcoin (BTC) soaring past $103,000 from a low of $89,000. RAY was feeling the love too, jumping over 16%! But now? Not so much. Talk about a rollercoaster! 🎢
But wait! There’s a silver lining! Raydium’s Total Value Locked (TVL) is still strutting its stuff. According to DefiLlama, the DEX hit an all-time high of $2.589 billion in locked assets today, a jaw-dropping leap from just $128 million at the start of 2024. So, investors are still throwing their cash into the pot, even if RAY’s price is playing hard to get! 💰
So, can Raydium bounce back? With Pump.fun crashing the AMM scene, RAY’s future now depends on investor faith and whether it can keep showing its worth in the ever-changing Solana circus! 🎪
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2025-02-24 09:09