RAY's ~100% Week Wasn't the 90% Memecoin Crown — Tokenized Stocks and a Fee-Fed Buyback Carried It

Raydium’s RAY surged about 100% in a week driven by tokenized stocks and a fee-funded buyback program, not by memecoin activity. The rally was fueled by stock tokens (e.g., Grindr, Boeing, Costco, Roblox) and the LaunchLab launch platform, with a 12% fee skim on trades directed into buybacks, making RAY a levered claim on exchange volume rather than a broad market re-rate.

# RAY's ~100% Week Wasn't the 90% Memecoin Crown — Tokenized Stocks and a Fee-Fed Buyback Carried It Author: AInvest Published: 2026-09-18T19:31:01-04:00 Source: ainvest.com (ainvest.com) Language: en ## Story RAY's ~100% Week Wasn't the 90% Memecoin Crown — Tokenized Stocks and a Fee-Fed Buyback Carried It # RAY's ~100% Week Wasn't the 90% Memecoin Crown — Tokenized Stocks and a Fee-Fed Buyback Carried It Generated by Adrian Hoffner Reviewed by Tianhao Xu Friday, Sep 18, 2026 7:31 pm ET 3min read - Raydium's RAY token surged ~100% in a week, driven by tokenized stocks and fee-funded buybacks, not memecoin dominance. - While Raydium holds 90% of Solana's memecoin volume, its overall DEX share has dropped to 37%, eroded by competitors. - The rally contrasts with a 4% crypto market decline, highlighting RAY's idiosyncratic growth tied to equity tokens and buybacks. - Regulatory uncertainty and buyback dependency on trading volume pose risks to RAY's sustained performance. RAY, the token of Solana's biggest decentralized exchange, roughly doubled in a single week while most of crypto fell. The explanation circulating for the move is that Raydium commands 90% of Solana's memecoin trading volume. That headline deserves to be pulled apart before you decide whether it means anything — because the number is narrower than it sounds, it is being chipped at from below, and neither of those things is what actually moved the price. ## What the "90%" really measures The figure comes from Cointelegraph, and it is not wrong so much as specific: it is 90%-plus of memecoin tradin…

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