The RAY token surged 14% in a single day, breaking above $2 and more than doubling from its early September level near $0.90. Open interest climbed above $20 million during the rally while funding dropped to -0.20%, indicating many traders had opened short positions. Raydium processed roughly $6.1 billion of the $12.4 billion in tokenized stock DEX volume on Solana this year, including $260 million in September alone, up from under $40 million in August. The most traded ticker was NVDAx, the tokenized version of NVIDIA.
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