- Raydium surpassed Ethereum in 24-hour fees, generating $3.4 million.
- Its TVL also reached $1.7 billion, its highest level in almost three years.
Raydium (RAY) recently made headlines by briefly overtaking Ethereum in 24-hour fees generated. This increase in activity on the Solana-based decentralized exchange (DEX) highlights a growing trend in its network usage, and its native token has followed suit with positive price action in recent days.
Raydium surpasses Ethereum in 24-hour fees
For a brief period, Raydium generated more fees than Ethereum, an impressive feat considering the size and dominance of the Ethereum ecosystem.
Data from DefiLlama revealed that Raydium’s 24-hour fees jumped to around $3.4 million, surpassing Ethereum’s $3.3 million.
As of now, Ethereum has regained its lead, generating $3.7 million in fees, compared to Raydium’s $2.8 million. However, it is worth noting that Raydium could briefly overtake Ethereum in this metric.
A comparison of their 7-day fee trends shows that Ethereum is still far ahead at $34 million, while Raydium stands at $18.2 million. Nevertheless, Raydium’s rise is significant, given the relative size of the two platforms and the TVL (Total Value Locked).
Raydium and TVL volume continue to increase
An analysis of Raydium’s fee trends shows a notable rise in recent days, indicating increased transaction activity on the network. A closer look at its trading volume supports this observation, with the platform seeing substantial growth.
Source: DéfiLlama
Raydium’s trading volume has remained below $1 billion since August, but it began to increase around October 10. On October 13, it exceeded $1 billion, and on October 20, it approached $1.5 billion.
Currently, Raydium’s volume is around $1.2 billion. Additionally, its TVL also saw a significant increase, peaking at $1.7 billion on October 21, the highest in almost three years, before declining slightly to $1.6 billion at the time of writing. lines.
RAY price remains bullish
The Raydium token (RAY) has been in a strong uptrend over the past few weeks. Currently trading at $2.587, the token saw a slight decline of 1.45%.
However, it continues to trade above its 50-day and 200-day moving averages, signaling sustained bullish momentum.
Source: TradingView
The Chaikin Money Flow (CMF) indicator is positive at 0.24, reflecting strong buying pressure and positive capital inflows. This accumulation has been behind RAY’s recent price gains.
The token also broke through a key resistance level around $1.75, supported by a “golden cross” where the 50 and 200 day moving averages cross, adding further bullish confirmation.
Realistic or not, here is the market capitalization of RAY in terms of BTC
Overall, Raydium’s momentum appears strong, although today’s slight pullback could indicate a period of consolidation before another potential move higher.
