How This Solana DEX Token Surged 100% During Uptober?

• Solana DEX Raydium’s token RAY records the highest gains in October 2024.
• The MemeFi wave propelled the upside of DEX volume within the Solana ecosystem. 

Had Bitcoin not rallied to $73.5K, October would likely be remembered as Rektober rather than Uptober. Several altcoins also experienced notable rallies on the charts. Among them, Raydium (RAY) staged an impressive price jump—a 115% spike over 30 days.

RAY — the native token of Raydium, a decentralized exchange (DEX) on Solana — surged to its 30-month high at $3.618 on October 27. The altcoin jumped to this peak from $1.66, recorded at the start of last month. 

RAY/USDT Price Chart (Source: TradingView)

Closely examining the daily price chart, one can observe a bullish sign in late October—a golden cross. The short-term 50-day moving average (50MA) has overtaken the long-term 200-day moving average (200MA), pointing to a potential bullish rally for this altcoin.

At the time of writing, the Solana token Raydium (RAY) is trading at $3.45 after experiencing a 15.7% increase in the last 24 hours. During this price surge, the altcoin’s trading volume also rose by 37.78% to $103.34 million.

Uptober Trajectory of Solana DEX Raydium

RAY’s upswing is closely linked to the rise of Raydium. The Solana DEX saw impressive rallies across various metrics this October. These growth spikes are largely credited to the upside of MemeFi aka memecoin frenzy. 

Notably, the total value locked (TVL) in Raydium soared from $1.123 billion on September 30 to its 35-month high of $2.08 billion. Additionally, Raydium recorded an impressive 170.7% rally in one of the most important metrics—DEX volume. Before the start of October, it stood at $671.8 million — 11.6% market share and then rose to $1.819 billion on October 23. Currently, this largest Solana DEX holds a market share of 16.6%.

Thirdly, Raydium marked an impressive 324.3% surge in its revenue generation. In September, the Solana DEX earned over $836.66K and grew this figure to $3.55 million by October. Furthermore, the fees generated by the DEX rose by 306.1% during the month, climbing from $16.06 million to $65.22 million.