[Market News] Solana leading DEX Raydium’s governance token $RAY surged 14% today against the trend, standing out especially as the broader market remains weak. The token started around $0.9 in early September, and on October 7 it briefly spiked to $2.56—gaining more than 100% within a month. Derivatives data shows that open interest rapidly rose from about $13 million to over $20 million; the funding rate briefly fell to -0.20%. With many traders opening short positions betting on a pullback, it may instead set the stage for a potential short squeeze. On fundamentals, this year Raydium has handled nearly half of the trading volume of tokenized stocks on Solana from the previous wave.
#RAY #Solana #DeFi
(Source: AMBCrypto)
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