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Cryptocurrency News Articles
Raydium [RAY] Surpasses Ethereum in 24-Hour Fees, Token (RAY) Remains Bullish
Oct 23, 2024 at 10:00 pm
This surge in activity on the Solana-based decentralized exchange (DEX) highlights a growing trend in its network usage, and its native token has followed suit with positive price movement in recent days.
output: Raydium [RAY] has made headlines recently by briefly surpassing Ethereum in terms of fees generated over a 24-hour period. This news comes amid a broader narrative of increasing network utilization for the Solana-based decentralized exchange (DEX), with its native token also enjoying positive price movements in recent days.
Raydium surpasses Ethereum in 24-hour fees
For a brief period, Raydium generated more fees than Ethereum, an impressive feat considering the size and dominance of Ethereum’s ecosystem.
According to data from DefiLlama, Raydium’s 24-hour fees surged to approximately $3.4 million, edging past Ethereum’s $3.3 million at the time.
Currently, Ethereum has regained the lead, generating $3.7 million in fees compared to Raydium’s $2.8 million. Nonetheless, Raydium’s ability to briefly overtake Ethereum in this metric is certainly notable.
A comparison of their 7-day fee trends reveals that Ethereum still holds a significant lead with $34 million, while Raydium follows with $18.2 million. However, Raydium's rise is noteworthy given the vast disparity in their respective platform sizes and TVLs (Total Value Locked).
Raydium’s volume and TVL continue to rise
An examination of Raydium’s fee trend reveals a noticeable uptick in recent days, indicating an increase in transaction activity on the network. A deeper analysis of its trading volume further supports this observation, with the platform recording substantial growth in this aspect.
Raydium's trading volume had remained largely below $1 billion since August, but it began to pick up around 10th October. By 13th October, it had crossed $1 billion, and by 20th October, it approached $1.5 billion.
At the time of writing, Raydium's volume is around $1.2 billion. Furthermore, its TVL has also seen a significant boost, peaking at $1.7 billion on 21st October, marking its highest level in nearly three years, before dipping slightly to about $1.6 billion now.
RAY’s price remains bullish
Raydium's token (RAY) has maintained a strong bullish trend over the past few weeks. Currently trading at $2.587, the token experienced a slight pullback of 1.45%.
However, it continues to trade above both its 50-day and 200-day moving averages, indicating sustained bullish momentum.
Raydium (RAY) price analysis on the 1-day chart (Binance). Source: TradingView
The Chaikin Money Flow (CMF) indicator is positive at 0.24, suggesting strong buying pressure and positive capital inflows. This accumulation has been driving RAY’s recent price gains.
The token also broke through a key resistance level around $1.75, supported by a “golden cross” where the 50-day and 200-day moving averages crossed, providing further bullish confirmation.
Overall, Raydium's momentum appears strong, although today's slight pullback could indicate a period of consolidation before another potential upward move.
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