As a seasoned researcher with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The current surge in Raydium (RAY) is indeed impressive, especially considering the overall volatility in the crypto space this year. However, as always, I urge caution when investing in any asset class, including RAY.
raydium’s token (RAY) is experiencing significant growth. Even amidst the typical fluctuations in all cryptocurrencies, including well-established meme coins such as Dogecoin and Pepe, the token has surged by an impressive 215% so far this year.
Raydium Rallying But Traders Must Be Cautious
Discussing with X, it’s suggested that Ray could persistently surge upward as long as Pump.fun, the Solana-based meme coin launchpad, remains tokenless. Currently, Ray is on the verge of a breakout, surpassing its previous highs from March and July, and setting a new peak for 2024 in the process.
In its current state, not only have purchasers successfully pushed the token beyond these two significant liquidation thresholds, but it has also remarkably overcame the fragility of August and September, nearly tripling in value since its September lows.
With a positive shift in cryptocurrency sentiments, it’s likely that RAY could climb significantly during the majority of Q4 2024. At present, investors anticipate that October (often called “October” due to its potential for strong performance) will favor altcoins the most. If Bitcoin, Ethereum, and Solana prices start rising, breaking significant resistance levels in upcoming trading sessions, high-quality DeFi tokens such as RAY are expected to gain substantial momentum.
Even though the final quarter of each trading year traditionally brings a sense of confidence, Bitcoin has been stuck in a range, failing to surpass $70,000. If there is an upward trend, potentially sparked by the results of the upcoming U.S. general election, RAY may continue to see growth as a result.
Will A Pump.fun Token Slow Down RAY Bulls?
The pace at which RAY expands, recouping losses of 2022, will also depend on other market factors, including meme coin activity on Solana.
As a crypto investor, I’m closely watching to see if Pump.fun will introduce their own utility and governance token. This is significant because if the liquidity of these tokens surpasses the 69 SOL market cap threshold, they will be automatically listed on Raydium.
1) Pump.fun is quite lively on the Solana network, facilitating the creation of more than 2.7 million meme coins. As a result, this launchpad for meme coins has amassed over $152 million in fees, as reported by Dune Analytics. The upcoming release of a governance token from Pump.fun will enable the platform to capture value based on its popularity and market valuation.
In a recent discussion on Twitter Spaces, the team shared their intentions to debut their token and an automated trading tool. While this news is certainly promising, they haven’t provided a definite launch date for the token yet.
A Pump.fun token might lure liquidity from Ray DEX, potentially slowing down its development, even though there’s an existing link between Pump.fun and Raydium. Investors may find the meme coin launchpad’s token more appealing, especially if it has a practical use and provides holders with governance opportunities.
Read More
Sorry. No data so far.
2024-10-29 06:05