Solana Memecoin $RAY Rallies +393.46% in the Past 24 Hours With 52744 Holders, Making It the Top Gainer on https://t.co/X0JJbnERCx

In an astounding show of market momentum, Solana’s memecoin, $RAY, has undergone a nearly 400% price pump in the past day, and is now the number one

Solana’s memecoin, $RAY, has undergone a nearly 400% price pump in the past day, making it the number one degenfi.ai gainer by a wide margin.

The trusted token’s community has grown to 52,744 holders; even DeFi dad and $RAY skeptic @0xSanti appeared to be getting in on the action with a recent buy.

What’s behind this price surge? It’s not just buy pressure from traders that is propelling the token upward. $RAY’s backing entity, @RaydiumProtocol, has been undertaking liquidity maneuvers to keep the token from falling, and these very buybacks and support measures are in the white paper guide for making a liquidity.

JUST IN: Solana memecoin $RAY (@RaydiumProtocol) price rallies +393.46% in the past 24 hours with 52744 holders, making it the top gainer on https://t.co/X0JJbnERCx

— Solsniffer (@solanasniffer) February 7, 2025

The recent surge in $RAY’s price has been accompanied by a new honor for the token: it’s now one of the top five on the Solana network with the highest decentralized exchange (DEX) buy volumes in the last 24 hours. This is no small feat for the asset, which has seen a staggering 150% pump in just four days. A breakdown of the next resistance and support levels will follow. For now, though, let’s enjoy the ride and take a closer look at how we should be perceiving this emerging Solana-based asset.

A Strategic $54 Million Buyback

The price of $RAY is not just rising because of market speculation and hype. It is also surging because @RaydiumProtocol has implemented an aggressive buyback program. In January 2025, Raydium spent a staggering $54 million buying back 8.8 million $RAY tokens. This buyback has probably been the largest in the history of the platform and shows a commitment to the half path tokenomics of $RAY as well as a substantial floor for the price of $RAY.

🚨New: @RaydiumProtocol spent $54M in January to buy back 8.8M $RAY tokens through its programmatic buyback program, hitting a new all-time high in monthly buyback spending. pic.twitter.com/BYJVM73DuG

— SolanaFloor (@SolanaFloor) February 5, 2025

The buyback strategy has impacted the token’s price. The repurchase of the token has had an impressive effect and is making a big difference in the price action of the token.

This buyback strategy has had a significant impact on the token’s price, with the increased demand and reduced circulating supply contributing to the sharp rise in value. As more tokens are repurchased and taken off the market, the remaining supply of $RAY becomes more scarce, which can drive further price appreciation if demand continues to grow. This type of programmatic buyback is a common technique used by companies and token issuers to create upward pressure on their assets and reward long-term holders.

It is worth emphasizing that the $54 million allocated for buybacks has reached a new peak for Raydium when it comes to buyback spending on a monthly basis. It demonstrates the platform’s commitment to establishing a robust market for its token. And the token benefits not just from price stabilization as a result of the buybacks but also from the actual sign of confidence in its future that the buybacks represent.

Top DEX Tokens on Solana

Within the Solana ecosystem, $RAY ranks alongside the most heavily traded tokens on decentralized exchanges (DEXs) throughout the network. Across the DEXs in the past 24 hours, it ranked number one for buy volume, beating out other noted Solana-based assets, including $FARTCOIN, $SSE, $mSOL, and $ALPHA.

💰 Top 5 tokens on @solana with the highest DEX buy volume in the past 24 hours:

1️⃣ $RAY ( @raydium )2️⃣ $FARTCOIN ( @FartCoinOfSOL )3️⃣ $SSE ( @usetapestry )4️⃣ $mSOL ( @MarinadeFinance )5️⃣ $ALPHA ( @alphaofsol ) pic.com/R8mFB23QCL

— Alphanomics 💧 (@Alphanomics_io) February 7, 0225

The top five tokens have had a recent blend of performances, with $FARTCOIN grabbing attention for its remarkable price fluctuations and the by-now predictable strategic buy-ins from major whales. However, in the DEX buy volume rankings, $RAY is making itself increasingly known and liked among traders and liquidity providers on Solana.

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