Bittime – Raydium, an Automated Market Maker (AMM) and blockchain-based liquidity provider Solana, is shining brightly.
When the price of Bitcoin experienced a correction after touching the record high several times, Raydium's RAY token actually experienced a significant increase.
This article discusses RAY's recent price surge, its supporting factors, strategic collaboration, and other important market metrics.
Against the Flow: Raydium Rises as Bitcoin Drops
The price of Bitcoin had decreased after reaching a record high several times in a row. As of this news is written, the price of Bitcoin has started to recover and is above $66.8k.
However, interestingly, in the period of Bitcoin's decline, Raydium actually experienced a massive rally, with an increase of more than 80x in the weekly chart.
Even in the last 30 days, Raydium has surged more than 140%, offering lucrative returns for traders.
However, the main spotlight is on the trading volume of this token, which jumped more than 117% to more than $600 million in 24 hours. RAY's market capitalization was also boosted, rising more than 34% to $635 million.
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Factors Driving the Increase of Raydium
The price increase of crypto assets such as Raydium can be influenced by a variety of factors, including but not limited to:
1. Total Value Locked (TVL) Increases
One of the main factors of the significant increase in the price of RAY is the increase in Total Value Locked (TVL) of Raydium which reached almost $500 million. Raydium's TVL jumped from $175 million on March 1 to more than $483 million on March 18.
2. High Staking Activity
The increase in staking activities in Raydium also plays a role. The staking value jumped from $35 million to more than $75 million on March 18. The increase in user fees also triggered growth in network activity, which peaked above $13 million on March 10.
3. Increased Liquidity and User Engagement
Data from DefiLlama shows the platform's liquidity growth has nearly doubled, from less than $20 million to more than $34 million on March 18. Increased liquidity and user engagement are key pillars of Raydium's growth.
4. Strategic Collaboration with Rebase
On Twitter, Rebase, an NFT crypto project aimed at connecting the real world and the metaverse, announced its new collaboration with Raydium.
Rebase makes Raydium the main liquidity destination for their $IRL tokens on the Solana blockchain.
The announcement sparked a massive increase in Raydium's liquidity, which touched $34.3 million on March 18.
Also read How to Buy Crypto:
Conclusion
At a time when Bitcoin weakened, Raydium managed to become a rare gem that maintained bullish momentum.
The RAY token saw a tremendous increase, with a rise of more than 80x in the weekly chart, attracting more than $600 million in trading volume, and surging more than 117%.
The main factors driving this increase were increased TVL and liquidity, which reached more than $483 million and $34 million, respectively.
Now Raydium is faced with two options: continue the bullish momentum or experience a correction. Let's see which direction Raydium will take next.
How to Buy Raydium (RAY) in Bittime
You can buy and sell Raydium (RAY) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.
Raydium (RAY) is available on Bittime with the RAY/IDR market pair. To be able to buy RAY IDR at Bittime make sure you have registered and completed identity verification. In addition, also make sure if you have enough balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is Rp10,000. After that, then you can buy crypto assets in the application.
Learn the complete guide on how to buy Raydium (RAY) on Bittime.
Monitor the price chart movements of Raydium (RAY), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptocurrencies to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. The price of crypto assets is volatile, where the price can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.
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