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Raydium’s (RAY) and Orca’s (ORCA) were among the best-performing cryptocurrencies on Friday as their remarkable rallies gained steam. RAY jumped to a high of $0.95, its highest point since August 2022. 

Similarly, ORCA token surged to an all-time high of $8, which was over 1,821% above its lowest point this year. Samoydcoin (SAMO), a memecoin, has jumped by over 62% in the past 24 hours.

Raydium vs Orca tokens

The main reason why Raydium and Orca tokens are surging is that they are part of the booming Solana ecosystem. Solana’s SOL has surged by almost 900% from its lowest point in 2022 as its ecosystem expanded. This jump has helped the FTX Estate, which still holds vast tokens. 

Other top Solana cryptocurrencies have jumped. For example, Bonk token has risen by more than 7,000% from its lowest level this year. Jito’s JTO token has risen as the total value locked (TVL) in its ecosystem rose to more than $440 million. This makes it the second-biggest dApp in Solana’s network after Marinade Finance.

Therefore, Raydium and Orca are jumping because of their correlation with Solana’s network. At the same time, they are also seeing strong performance in their own ecosystems.

For example, ORCA has become the fifth-biggest DEX in the world by volume. It handled tokens worth over $410 million in the past 24 hours. Only Uniswap (Arbitrum), dYdX, Uniswap (Ethereum), and Vertex Protocol handled more tokens. 

Raydium, on the other hand, has seen its total value locked (TVL) jumped to more than $118 million. It handled tokens worth over $79 million in the past 24 hours, making it the 18th biggest DEX in the world. Over the years, it has processed tokens worth over $55 billion.

Therefore, these tokens will likely continue rising in the coming months. First, Jerome Powell hinted that the SEC will approve a spot Bitcoin ETF in the coming months. He noted that it was reviewing the recent court ruling on Grayscale ETF approval.

Second, the Federal Reserve has hinted that it will deliver at least three rate cuts in 2024. That statement has unlocked an “everything rally”, with American equities jumping to their 2023 highs. 

Further, Bitcoin will go through halving in April, which is a positive thing for the crypto industry.

The post Here’s why Raydium (RAY), Samoyedcoin (SAMO), Orca are spiking appeared first on Invezz

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