Raydium's RAY Token Drops 5% Following Meme Coin Launch Failure

Meme Coin Launch Misfire Causes RAY Token to Plummet 5%

Raydium, a decentralized exchange (DEX) on the Solana blockchain, experienced a significant drop in its RAY token value following a failed attempt to launch a meme coin using a Twitter-based token generator.

Raydium's RAY token price fell 5.1% overnight, currently trading at $2.06, after an attempt to launch a meme coin named CTO via the Twitter tool makenow.meme. The tool automatically creates Solana-based meme coins from tweets. The launch did not go as planned, leading to confusion among traders about the authenticity of the CTO token.

The mishap caused the official Raydium CTO meme token to plummet by over 75% within 24 hours, resulting in a market cap of less than $1 million. The incident has sparked frustration and complaints among Raydium's users.

Raydium acknowledged the failure on Twitter, stating, "With all new technology, boundaries will be pushed - or inadvertently stumbled over." However, this response did not satisfy the affected users, many of whom expressed their dissatisfaction on the Raydium Discord channel.

One user commented, "We get an oops tweet like clowns. No apology, no refund, no money put back into the coin that got dumped. Just a tweet saying oops."

Despite the current turmoil, Raydium's RAY token remains up over 11% for the month, indicating some resilience amidst the setbacks.

photo source / Blockonome