Oh dear! It seems our dear friend Raydium, or as the cool kids call it, RAY, has taken a rather spectacular plunge of $2.89—a whopping 24%! 🎢 This unfortunate tumble comes on the heels of some rather cheeky news: Pump.fun is testing out a shiny new automated market maker (AMM) to replace our beloved Raydium. According to a mysterious market sleuth known only as Bonaso (sounds like a character from a spy novel, doesn’t it?), Pump.fun’s graduated tokens have always been the lifeline for Raydium. Talk about a dramatic twist!
Now, if Pump.fun decides to swap out Raydium for its own AMM, it could spell doom and gloom for RAY’s long-term prospects. Yikes!
Just a little while ago, Pump.fun was the top dog in the Solana-based meme-coin launchpad world. But, let’s not forget, the listing and trading of those oh-so-fancy graduated tokens have always been happening on AMMs like Raydium, Meteora, or DEX aggregators like Jupiter. Quite the bustling marketplace, wouldn’t you say?
Raydium Risk Factors
Now, to really get a grip on Pump.fun’s cheeky little maneuver, Coinspeaker took a peek at Raydium’s revenues and the trading volume brought in by Pump.fun’s tokens. In the last 30 days, Raydium raked in a tidy $136M in fees, ranking seventh, just above Pump.fun’s $112M. Not too shabby, eh?
During that same time, a staggering $31 billion worth of Pump.fun tokens were traded on Raydium, leaving Meteora, Orca, and Phoenix in the dust. In fact, just last week, Pump.fun tokens accounted for a whopping 28% of the total trading volume on Raydium. Talk about a party!
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But wait! Pump.fun’s AMM isn’t the only storm cloud on the horizon for RAY. The entire memecoin sector has cooled off, and the mood has soured faster than milk left out in the sun after the LIBRA fallout. The market cap for meme tokens has shrunk from nearly $120B to a mere $68B, according to CoinMarketCap. Ouch!
In fact, Pump.fun tokens’ trading volume on Raydium plummeted from over $3B to below $600M in less than two months. Talk about a nosedive!
Source: RAY/USDT, TradingView
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2025-02-24 13:27