Raydium (RAY) token rises above $1 amid massive volume surge

Raydium (RAY) has experienced significant upward momentum, with the token price rising above $1 and reaching an eight-month high of $1.19. This rally coincided with a 33% daily increase in price and an 876% surge in trading volume, which reached $114 million.

Market stability has been supported by the protocol’s buyback program, which directs 86% of total revenue toward purchasing RAY tokens. To date, the protocol has spent $190 million in cumulative buybacks to acquire over 69 million RAY. Additionally, rising staking activity, currently valued at $36 million, has helped reduce circulating supply.

Despite the rally, some profit-taking has occurred. Spot netflow reached a four-month high of $561,000 as some holders unstaked tokens to deposit them onto exchanges such as Binance and Gate.