Upbit, Whales, and the Curious Case of Raydium’s 25% ‘Miracle’ – What’s Really Brewing?

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  • Like a doctor diagnosing a rabbit with a nervous twitch, flat Funding Rates and whale antics expose Raydium’s “ascendancy” as a spectacle built on shaky legs. 🐳💸
  • But what’s that smell in the operating theatre? Oh, it’s just the suspicion that this pump will deflate faster than a bureaucrat’s promise.

Behold, citizens—Raydium [RAY] has soared by over 25%, vaulted by its sudden appearance on the South Korean Upbit exchange. The townsfolk (retail traders) poured in, waving their tickets and shouting “Moon!” amidst a swirling fog of volatility.

Right now, RAY sits at $2.24, having briefly touched the celestial $2.30. An omen, you ask? Oh yes, and not a good one. Out of the shadows came a whale, slapping 906,788 RAY ($2.26 million worth) onto Binance’s counter. Distribution, they call it—though one might simply call it the urge to take profits and run.

On-chain data and the mood in the tavern both reveal: this lavish feast is hosted in a house of sticks. The euphoria may dissipate faster than vodka at a bureaucrat’s farewell party.

Oh, Bulls, did you really expect a standing ovation?

Funding Rates remain flatter than stale kvass: +0.01% across derivatives, even as the price pirouettes wildly. In any self-respecting satire, this should lure an army of degenerate longs! Instead, the arena is suspiciously subdued.

Normally, we’d expect a stampede, rates blowing up like a circus tent. Instead? Meh. Leverage traders peeked at the show, sipped their tea, and decided to remain spectators.

Should funding rates slouch back to negative, it would be a sign the bears returned from lunch. For now, caution reigns—not exactly the revolutionary zeal the bulls scripted.

Social mania: Now starring Raydium (for five minutes only!)

RAY’s Social Dominance spiked to 0.458%, with Social Volume hitting the dazzling height of 22 mentions—a multi-week record, which, in the world of hype, is akin to being elected mayor of a village for an afternoon.

This commotion’s thanks to Upbit’s stage lights, but as every seasoned magician knows, applause fades unless the trick produces something tangible. Otherwise, it’s all just smoke, mirrors, and chat-room bravado.

The lasting glory of this pump now rests in the trembling hands of retail hodlers—can fleeting excitement grow into something less ephemeral?

Short-term holders: Exit stage left

As the cacophony grew, many slipped quietly for the exit. The MVRV Long/Short Difference—bless its heart—plunged to -30.84%, trading its cheerful green cap for the scarlet hat of red. Most short-term holders were no longer in profit and had presumably fled for the solace of other coins (or perhaps a stiff drink).

This delicate twist means fewer traders are eager to dump—after all, who wants to sell at a loss? On the flip side, the momentum speculators have melted away, leaving the salon much quieter than before.

RAY and the ever-slipping support (or “the last stand at $2.10”)

Having rebounded from the $1.90–$2.10 “Demand Zone” (which sounds more prestigious than it is), RAY now hovers in a haze of uncertainty at $2.24. Momentum sways in the bulls’ favor—for now—but the crowd grows restless. Should RAY falter and slip below $2, this comedy swiftly morphs into a tragedy.

Will the bulls strike up courage and retake $3.40, last seen in more optimistic times? Only if the great fortress of $2.10 holds. Otherwise, the audience may consider an intermission—indefinitely.

Price says “to the moon!”—But user growth snoozes 🚀😴

The Price-to-DAA divergence, now at a lugubrious -51.7%, signals a growing chasm between price and genuine activity. As if the townspeople gathered for a festival, only to realize the food stalls were empty.

Such disconnects rarely end with fireworks: previous cycles suggest a cooling is due, the barker shooing away the last optimistic revelers.

Without a crowd—without new faces—the parade risks dissolving into yesterday’s confetti.

To summarize, RAY’s 25% “miracle” (brought to you by Upbit and mystifying whale choreography) has drawn a crowd, but beneath the fanfare lies an uncertain foundation. Unless actual demand and user participation come to the party, Raydium may soon find itself nursing a hangover instead of celebrating a new era. Curtain falls. 🥂

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2025-06-19 19:11