Raydium Token Reaches Multi-Month High Amid Strong Buybacks
Raydium (RAY) has surged to new heights,climbing to $4.10. This marks a multi-month peak for the decentralized finance (DeFi) protocol as it nears a critical milestone in buying back its native token.
The RAY price boost comes after volume spiked significantly. Despite a slight dip following the broader crypto market crash on August 14, investors remain optimistic. The protocol has been quietly gaining traction amid recent attention on major altcoins.
Raydium’s price shot up 40% over the week, while daily trading volume rose 47%. This momentum aligns with key network advancements.
Demand Fuelled by DEX Milestones
Raydium’s surge is partly due to notable figures from its decentralized exchange (DEX). The Solana-based AMM hit $40.1 billion in monthly volume in July, up 71% from the month before. Network revenue also spiked 137%,reaching nearly $18.3 million—a sign of strong performance against rivals.
Significant RAY Buybacks underway
Raydium has been aggressively buying back its tokens. In July alone, the platform spent $5.7 million on programmatic buybacks,acquiring 2.1 million RAY. It also bought another 1.35 million RAY discretely.
In total, Raydium is edging towards a $200 million commitment to RAY buybacks. This move aims to strengthen the token’s value amidst growing dominance in Solana’s DEX sector.
raydium’s share of Solana DEX volume has increased substantially—from less than 30% in June to 45% now, spurred by the April unveiling of Launchlab. The protocol is also expanding into tokenized equities on xStocks.
