Raydium token weekly loss deepens to 23% on Wednesday

The quick take

Price: $RAY at $1.89, down 7.1% in 24 hours and 23% in seven days (CoinGecko, 15:40 UTC).
Trigger: A fresh leg lower began around 13:00 UTC on Wednesday, and no Raydium announcement explains it.
Watch: Deposits in Raydium’s pools, which lost 12.5% of their dollar value in a week.

The Raydium token weekly loss reached 23% on Wednesday, Oct. 14, as Raydium ($RAY) dropped another 7.1% in 24 hours. It traded at $1.89 at 15:40 UTC, CoinGecko data shows. Our Tuesday update had the daily drop at 6.2%; what is new is a second leg lower that started midday Wednesday.

What happened

Jupiter’s price feed put $RAY at $1.889, within 0.1% of CoinGecko. The token’s market value is about $510 million, with $42.2 million traded across markets in 24 hours.

On Binance’s RAY/USDT pair, the token held between $2.04 and $2.07 overnight and near $2.00 through the morning. It slipped below $1.97 in the 13:00 UTC hour and reached $1.88 by 15:41 UTC.

The slide trims a strong month. $RAY is still up 37% over 30 days, CoinGecko shows, but it sits 89% below its record of $16.83 from September 2021.

Why it moved

We found no Raydium announcement or news report from the past 24 hours that explains the drop, so the cause is not confirmed. The wider market was weaker too, though by less.

Solana ($SOL) fell 2.3% in 24 hours and 10.6% in seven days, per CoinGecko. LiveCoinWatch shows Bitcoin ($BTC) down 1.7% and Ethereum ($ETH) down 2.8% over the same day.

Money in Raydium’s trading pools has shrunk as well. DefiLlama puts Raydium AMM’s total value locked at $1.18 billion at 14:40 UTC, down from $1.35 billion on Oct. 7. That is a 12.5% drop in dollar terms.

Who’s buying and selling

Trade counts in the biggest pools point in different directions. In the top RAY/SOL pool on DexScreener, buy trades outnumbered sells by 17,219 to 12,612 over 24 hours. That pool holds $3.6 million in liquidity.

GeckoTerminal’s top RAY/USDC pool showed the reverse, with 2,406 sells against 2,258 buys. It holds $6.6 million. Trade counts do not show trade size, so many small buys can sit beside fewer large sells.

What to watch next

Raydium AMM handled $164.9 million in trades in DefiLlama’s latest 24-hour reading, fourth among Solana exchanges. A pickup in that volume would show traders coming back to its pools.

Also watch the $2.00 area on Binance, where $RAY held overnight before Wednesday’s drop.

Bottom line: $RAY fell again on Wednesday to a 23% weekly loss, with no confirmed trigger and shrinking pool deposits.

Price data: CoinGecko (cross-checked with Jupiter).