Bubble
Raydium RAY
Raydium (RAY) was trading at $0.7907, ranked #169 by market cap at $213.20M, with 24h volume of $11.98M.
Data snapshot: 2026-09-02 12:15 UTC.
Raydium is one of the largest decentralised exchanges on Solana, and was an early hybrid design that placed its liquidity pools onto a central order book so pool traders and order-book traders shared the same depth. It is heavily used as the venue where newly launched Solana tokens first get real liquidity. Raydium's position on Solana comes from being the venue where most new token launches first get liquidity, particularly memecoins graduating from launchpads. That gives it revenue that scales directly with speculative activity — when Solana's memecoin cycle runs hot, Raydium's fee income rises sharply, and when it cools the reverse happens just as fast. It is one of the clearest examples on this map of a token whose fundamentals are genuinely cyclical rather than steadily growing, and reading its chart without that context is misleading.
Why is Raydium tied to memecoin activity?
It is where most newly launched Solana tokens first receive tradable liquidity, so its fee revenue scales directly with launch and speculation volume.
What does that mean for its revenue?
It is highly cyclical. Fee income rises sharply during speculative periods and falls just as sharply when activity cools.
What is RAY used for?
Staking, governance, and participation in the protocol's fee and incentive mechanisms.
How does it differ from Orca?
Both are Solana automated market makers. Raydium has been more closely associated with new token launches, while Orca has focused on a simpler concentrated-liquidity experience.
Market cap decides how big a bubble is drawn, so rank is what places RAY on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #122 | Curve DAO (CRV) | $310.16M |
| #129 | Sun Token (SUN) | $308.12M |
| #169 | Raydium (RAY) | $213.20M |
| #231 | 1INCH (1INCH) | $122.27M |
| #233 | Synthetix (SNX) | $120.75M |