Raydium’s RAY Token Drops 29% Amid Rumors of Pump.fun’s Competing AMM

Description

Raydium’s native RAY token has taken a hit, nosediving by more than 29% after reports emerged that Pump.fun is developing its own automated market maker (AMM). If true, the move could threaten Raydium’s dominance in the Solana decentralized finance (DeFi) ecosystem. Pump.fun to Launch AMM? Reports have been circulating that Pump.fun, known for its meme coin launches, is actively testing its AMM liquidity pools. According to @trenchdiver101, the testing is happening on amm.pump.fun, with indicati...