- Raydium’s native token, RAY, surged on Thursday, climbing 12% in 24 hours to extend gains above the $2.10 mark.
- Despite a slight pullback, RAY remains resilient above a critical level.
- Gains follow the market reaction to Raydium’s launch of its memecoin launchpad.
Raydium ’s native token RAY extended its gains on Thursday, eking 12% as buyers held above $2.00.
RAY’s spike on April 16 saw a breakout from lows of $1.55, with bulls hitting highs of $2.45.
While the decentralized exchange platform’s token remains below recent highs, it hovers above a key level and more than 40% up in the past week.
These gains come as Raydium finally launches its highly anticipated meme launchpad, bringing the fight to its biggest rival Pump.fun..
Raydium brings meme launchpad war to Pump.fun
Raydium is the leading decentralized exchange (DEX) on Solana.
After its dominance was threatened by Pump.fun’s PumpSwap launch, the DEX has responded, escalating rivalry with the unveiling of LaunchLab, a meme coin launchpad designed to rival Pump.fun’s platform.
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LaunchLab allows users to create tokens seamlessly while offering creators up to 10% of trading fees once their tokens complete the bonding curve and transition to Raydium’s automated market maker (AMM) pool.
The platform integrates directly with Raydium’s liquidity pools, automatically migrating liquidity to the AMM once a token raises 85 Solana (roughly $11,000).
Additionally, Raydium plans to allocate 25% of LaunchLab’s fees to a buyback program for RAY, potentially bolstering the token’s value.
As noted, Raydium’s move comes as Pump.fun, a key player in meme coin launches, recently introduced its own DEX, PumpSwap.
LaunchLab’s debut positions Raydium to capture this market share directly, intensifying the battle for meme coin dominance.
What’s next for RAY?
Despite its recent rally, RAY remains below its all-time high.
However, LaunchLab’s launch could catalyze further gains.
If bulls push past $3, a broader market uptrend could propel RAY toward $4, representing a potential 90% surge from its price at the time of LaunchLab’s announcement.
As Raydium redefines its role in the meme coin ecosystem, RAY’s trajectory appears poised for significant growth.
Contingent on sustained market optimism and LaunchLab’s adoption, the upward momentum for RAY may yet have another leg.
RAY chart by TradingView
RAY’s daily chart above reveals strong technical support for continued upside.
The Relative Strength Index (RSI) hovers in the overbought territory, indicating robust buying pressure but cautioning potential short-term consolidation.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the signal line trending above the MACD line, reinforcing upward momentum.
A break above $2.80 will allow bulls to target $4.20.
