Why is RAY token up today?
Raydium (RAY) surges on Upbit launch, ends day up 10%
The price of RAY, the token of the Solana-based automated market maker Raydium, jumped 30% on Thursday before settling with a 10% gain by the end of the day.
The main reason behind the rally was the listing of trading pairs with RAY on South Korea’s largest crypto exchange, Upbit.
In the first half of the day, RAY successfully rebounded from the psychological level of $2, rising to $2.63. The sharp increase followed the launch of RAY/KRW and RAY/USDT pairs on Upbit, which drove up demand for Raydium tokens. Open interest in RAY futures nearly doubled to $32.48 million, reaching levels not seen since mid-May.
RAY token price dynamics on June 19. Source: CoinMarketCap
While the hype around Raydium tokens faded later in the day, the price still held a 10% gain by the close, settling at $2.20 according to CoinMarketCap.
What’s next?
However, the continuation of Raydium’s rally remains uncertain. According to Artemis, the platform’s number of active users has declined for six consecutive months—falling 80% to just 838,000.
Additional data shows that Raydium is under pressure in the DEX space and has lost a significant share of the market. According to DeFi Llama, its network processed $21.9 billion in transactions over the past 30 days, far behind PancakeSwap’s $138 billion and Uniswap’s $95 billion.In contrast, Raydium’s monthly transaction volume reached $124 billion back in January 2025.
As we wrote, Raydium launches LaunchLab, RAY price surges 8% in response
