Raydium (RAY), the Solana-based automated market maker (AMM) and liquidity provider, has seen the price of its native token plummet more than 30% in 24 hours.
While RAY price may dip further amid Pump.fun developments, analysts are taking a bullish outlook on Bitcoin Pepe (BPEP), a meme coin project looking to build “Solana on Bitcoin”.
Pump.fun is testing its own AMM?
There’s been notable pressure on RAY in the past 24 hours. The DEX protocol’s token crashed as traders reacted to network related news. In particular, its about the reports that meme coin launchpad Pump.fun is set to unveil its own automated market-maker (AMM) system.
An automatic market maker refers to a decentralized trading system that allows for the buyg anf selling of cryptocurrencies without relying on traditional order books. AMMs remove this need for intermediaries through liquidity pools.
Pump.fun, the biggest meme coin factory on Solana, is said to be looking at its own AMM. This has the potential to see the new system replace Raydium as the meme launchpad’s main liquidity provider. Pump.fun’s maneuver, coupled with more rewards for the community, has eaten into RAY’s outlook.
RAY price prediction
It’s likely the traders’ reaction to this, bearing in mind possible impact on Raydium’s performance that has RAY price down. Currently, reports are that Pump.fun has a test version of the AMM.
The RAY token’s value fell sharply from highs of $4.25 to test support near $2.85 in early trading Monday, Feb. 24. Raydium also saw massive volume amid the decline, suggesting sell-off could strengthen. If it happens, the price of RAY could seek primary support near $2.70 and $2.00.
RAY price is down nearly 60% in the past month.
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