Raydium (RAY), the native token of the decentralized exchange (DEX) Raydium built on the Solana blockchain, has achieved a significant milestone, hitting a one-year high following its listing on South Korea’s leading cryptocurrency exchange, Bithumb.
This listing has been widely anticipated by investors and traders, as it marks a significant step in the platform’s growth, particularly in the South Korean market.
Bithumb introduces a Korean Won trading pair for Raydium
On November 19, Bithumb introduced a Korean Won (KRW) trading pair for Raydium, alongside the listing of Ponke (PONKE), another meme token.
Following the listing, Raydium’s price surged to $5.90, a level not seen in over a year, reflecting investor enthusiasm sparked by the new trading pair.
This price surge represents a significant milestone, though it is still far from Raydium’s all-time high of $16.48, reached in 2021.
Source: CoinMarketCap
The rally demonstrates sustained growth, with the token experiencing notable price movement and increased trading volumes, especially driven by the meme token trend within the Solana ecosystem.
Bithumb’s introduction of KRW pairs for Raydium and Ponke provides these tokens with exposure to a broader base of retail and institutional investors.
The pairing also facilitates easier access for South Korean traders, who make up a large portion of the global crypto trading community.
Raydium has become a darling for meme coins
Raydium has been particularly busy with meme token trading, a category that has seen increased activity on the Solana blockchain.
The exchange’s decentralized nature, combined with low transaction fees, has helped it become a preferred platform for trading meme coins.
The addition of Raydium and Ponke to Bithumb highlights the increasing demand for such tokens, with both coins benefiting from the attention of traders flocking to the exchange.
Beyond the price surge, Raydium’s total value locked (TVL) has surpassed $2.2 billion, and the token’s market capitalization currently stands at $1.7 billion.
This growth is further underscored by a surge in platform fees, which rose from $300,000 in September to over $10.7 million by mid-November, driven by the increased trading volumes from meme coin activity.
However, despite Raydium’s growth, it remains undervalued compared to its potential.
The token’s fully diluted value is above $3 billion, and its performance as a liquidity provider on the Solana blockchain sets expectations for further price gains in the future.
With a strong community of supporters and a platform that continues to generate impressive revenue from trading fees, Raydium is poised to continue its upward trajectory.
As it continues to gain traction, especially in the Korean market, Raydium’s recent listing on Bithumb solidifies its position as a key player in the world of decentralized exchanges and Solana-based projects.
Traders and investors alike are watching closely for further developments as Raydium rides the wave of the meme coin trend and the growing adoption of Solana-based assets.
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