Orca Token Surges as Network Outpaces Raydium
On Friday, the Orca token (ORCA) soared to $3.4345, its highest since March 22. This impressive climb doubled its lowest point this month. The token’s market cap hit over $160 million, still below its 24-hour trading volume of nearly $500 million.
Orca’s success this month is due to its strong performance in decentralized exchanges. According to DeFi Llama, Orca processed $3.87 billion in transactions in the past week, making it the top DEX on Solana. In the last 30 days, Orca handled $11.2 billion, surpassing Raydium’s $10.8 billion. This pushed Orca’s total to $293 billion.
Orca’s seven-day volume rose by 43%, partly due to the rebound of some Solana meme coins. Fartcoin (FARTCOIN) and Popcat (POPCAT) saw critically important price jumps. Other top meme coins include Vine and Fartboy.
The price spike was also fueled by a community vote on a major governance proposal.The proposal includes a token buyback, funding the team for two more years, and burning 25% of the token supply. The vote, ending on April 14, has received over 3.376 million “yes” votes.
Technically, Orca bottomed at $1.733 on April 9 before rebounding to $2.90. This recovery followed a falling wedge pattern. The next target is $3, reached on Friday. ORCA may now pull back to $2 before continuing its uptrend.
