Raydium (RAY), the largest automated market maker (AMM) platform on the Solana network, has sparked speculation among users with an encrypted message shared via its official X account.
The official Raydium account has sparked discussions about a potential airdrop to be distributed to its users by sharing an “airdrop” emoji.
RAY, which is currently traded on major cryptocurrency exchanges including Binance, may likely airdrop not its own token but a newly released token.
The platform recently launched an altcoin launch platform called LaunchLab, with the aim of competing with memecoin launch platform PumpFun. The latest airdrop claims are thought to be related to this platform.
The PumpFun development team is making millions of dollars in profits every month, and is transferring the SOL coins it earns to various centralized cryptocurrency exchanges and presumably selling them. Raydium also introduced its new platform initiative last week, aiming to get a share of the memecoin launch market.
Following the emoji shared by Raydium, the value of the token jumped by approximately 4%.
*This is not investment advice.
