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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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📈Godbole: Raydium, a DEX based on Solana, is hot with RAY
After BTC, the annual perpetual financing Intrerest Rate of small-cap Tokens. The recent Bull Market pause in BTC/USD has cooled the market, shaken over-leveraged positions, and normalized the cost of betting on pump prices. However, there is still a hot Token: RAY, the native Cryptocurrency of Decentralization exchange Raydium based on Solana.
According to VeloData, RAY, as the only Token with an annualized perpetual financing interest rate exceeding 160%, stands out among small, medium, and large Tokens, becoming the hottest Cryptocurrency. The rise in interest rate indicates that the RAY market is dominated by long positions, and leverage is heavily biased towards the bullish side.
✨In this case, even a slight price drop will shake the confidence of over-leveraged longs, especially those who entered later, triggering a large number of longsPositionClose Position, which often exacerbates the price drop, leading to more significant dumping. Tokens with a Market Cap of less than 50 billion US dollars, such as RAY, are particularly susceptible to fraud in the Derivatives market.
Please note that most of the record-breaking activities on Raydium occurred earlier this month, mainly driven by memecoin frenzy, which propelled the volume to historic highs and sparked great interest in RAY Token. However, the frenzy has started to cool down, weakening the potential support for sustained pump of RAY Token.
It's not hard to see why longs are so determined. CoinDesk data shows that despite a recent 17% drop in price to $5.39, RAY still pumped 67% this month, while the market leader BTC pumped 35%.
Driven by the record activity on Raydium, the market has experienced an extraordinary pump. According to data from Artemis, Raydium's volume this month reached $117.8 billion, nearly twice the $66.8 billion of the entire Ethereum-based DEX volume. The fees generated by Raydium were $175 million, while Ethereum was $168 million. Ethereum is the world's largest smart contract blockchain.
(tv-Coindesk)