Raydium's token rose by 12% on Thursday, June 19, reaching an intraday high of $2.7040, a 40% increase from its lowest price this week. However, the platform's active users and market share in the decentralized exchange sector continue to decline.
Rise of Raydium's Token
After peaking at $2.7040, Raydium’s token pulled back to $2.30, giving it a market capitalization of $598 million.
Decline in User Activity
Data from third-party sources shows that Raydium’s active users have decreased to 838,000, which is an 81% drop from the December level of over 4.4 million. This decline has been observed for six consecutive months.
Market Trend Analysis
According to information from DeFi Llama, the volume of transactions on the platform has decreased from $124 billion in January to just $12 billion this month. The decline in transaction volume has also heavily impacted Raydium’s revenue, which fell from $58 million in January to $1.9 million this month.
Despite the recent increase in token price, the decrease in user numbers and dwindling transaction volumes raises questions about Raydium's future in the decentralized exchange market.
