Solana-based DEX Raydium's CTO Meme Coin Debuts with a 70% Dive in an Hour

IconCryptoNewsTerminal Staff01 Aug, 2024

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Solana-based DEX Raydium's CTO Meme Coin Debuts with a 70% Dive in an Hour

With the rise of meme coins in the cryptocurrency market, Raydium (RAY), a decentralized exchange (DEX) built on Solana, decided to introduce its own meme coin called CTO through a token launchpad. However, the launch didn't go as planned, as the value of CTO plummeted by 70% within an hour of its release. Upon launch, CTO quickly gained traction, reaching a market cap of $6.7 million within just 30 minutes. However, this rapid growth was short-lived. Over the next 40 minutes, CTO experienced a significant decline, with its market cap dropping to around $2 million. Currently, CTO's market cap stands at approximately $1.9 million. Raydium acknowledged the situation via Twitter, stating, "This didn’t go as we hoped. New things have bugs or can break as they scale." Meanwhile, Raydium's native token RAY has also been affected by the CTO launch. According to CoinMarketCap, RAY is currently trading at $2.05, down 13.08%. The volatility and rapid decline in CTO's value serve as a reminder of the risks associated with investing in meme coins.

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