Kingfisher
@nevertheless
RAY GETTING REKT AS PUMPFUN DECIDES TO GO SOLO CURRENT STATE • $RAY dumped 35% to $2.90 yesterday after @pumpdotfun started testing their own amm • trading at $2.52 now, broke major support levels • volume exploded to $432m, looks like capitulation THE SETUP • @raydiumprotocol had a monster january • $167b in monthly volume • crushed @uniswap with $400m in fees • $54m in token buybacks • perps hit new ath of $116m daily volume on feb 2 • was valued around $700m after 60m token buyback THE PROBLEM @pumpdotfun represents 20-30% of raydium's volume • if they migrate to their own amm, core revenue takes massive hit • other projects might follow • $RAY down 85% from ath of $16.83 WHY IT MATTERS • raydium still pulling $180m annual revenue • infrastructure advantages could keep projects locked in • but basic amm functionality might not be enough anymore • market needs to reprice the risk • resistance at $4.20 if this somehow bounces
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Simitej🔵
@simitej
wagmi
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