RAY rose sharply in the week to 7 September 2026 because of new volume. StonkFun, a Solana launchpad that pairs new tokens with tokenised stocks, said on Saturday 5 September that it would route new token launches through the token launchpad of the decentralised exchange behind RAY. The Block reported RAY at about $1.27 on Sunday 6 September, up roughly 46% in 24 hours. CoinGecko's daily snapshot for 7 September 2026 shows $1.29. The rally kept going into early October, when CoinGecko's daily price touched $2.47 on 7 October. By 25 October 2026 it had fallen back to about $1.81, down 10.4% over 30 days.
Time left until 25 October 2026 · end of day UTC
What happened, in order
5–6 September: the launchpad switch
- 5 September 2026 (Saturday): StonkFun announced that new token deployments would go through the DEX's own launchpad, citing "cheaper deployment costs, reduced sniper risk, and compounding liquidity after bonding". The Block says this followed a 2 September post promising fixes for sniping, single-wallet launches and deployment costs.
- How the mechanism works (per The Block): a new token trades against a bonding curve first. Once it hits a graduation threshold, its liquidity moves into a pool on the DEX, and trading continues there and through aggregators. More launches mean more pool volume and fees.
- 6 September 2026: The Block put RAY at about $1.27, up roughly 46% in 24 hours. Crypto Briefing, also on 6 September, reported a rise of about 61% in 24 hours, from the $0.80–$0.91 range to above $1.30, and DEX volume of about $31.8 million during the spike. The two outlets measured over different windows, which is why the percentages differ.
- StonkFun's own token, STONK, rose about 250% in 24 hours to a market value near $140 million and hit an all-time high of $0.212 on 6 September (The Block).
7 September: the snapshot date
CoinGecko's daily record for 7 September 2026 (00:00 UTC):
| Metric | Value |
|---|---|
| Price | $1.2877 |
| Market cap | $347.1M |
| 24h volume (all venues) | $315.9M |
9–10 September: buyback and new pairs
FXStreet reported on 10 September 2026, citing Blockworks data, that the protocol bought back $640,788 of RAY on Wednesday 9 September. That was its largest single buyback, and FXStreet put the cumulative total at $2.1 million. The same report put RAY above $1.35 on 10 September and said more than 15 tokenised US equities had been listed, including Boeing, Costco, Reddit, Lululemon and Roblox.
What came next: October 2026
CoinGecko's daily data shows that the move outlasted the launchpad week, then faded:
| Date (2026) | Price | Market cap |
|---|---|---|
| 7 Oct | $2.47 | $592.1M |
| 12 Oct | $2.13 | $650.5M |
| 21 Oct | $1.97 | $541.9M |
| 24 Oct | $1.84 | $488.4M |
| 25 Oct (08:01 UTC) | $1.81 | $489.8M |
Daily volume also cooled. CoinGecko shows $223.1M on 8 October and $25–30M a day by 23–25 October.
RAY's price from the launchpad week to late October
How far did RAY's price move from the 7 September 2026 snapshot to the October peak, and how much of that gain was left by 25 October?
Data table
| Item | USD | Source |
|---|---|---|
| 7 Sep | 1.2877 | |
| 7 Oct | 2.47 | |
| 12 Oct | 2.13 | |
| 21 Oct | 1.97 | |
| 24 Oct | 1.84 | |
| 25 Oct (08:01 UTC) | 1.81 |
These are CoinGecko daily snapshots only: the chart leaves out intraday highs and lows, trading volume and the dates in between, and it does not show where the price goes next.
Supply and long-run context
- Supply (CoinGecko, 25 October 2026): maximum and total supply of 555,000,000 RAY, and circulating supply of about 269.96 million.
- All-time high: $16.83 on 12 September 2021 (CoinGecko). At $1.81, RAY is still about 89% below that level.
- Buybacks: Crypto Briefing reports that 12% of the DEX's trading fees go to buying RAY on the open market, so the size of each buyback rises and falls with trading activity.
What to watch
- Fee-driven demand: buybacks are funded by trading fees. If launchpad and pool activity falls, as the October volume figures suggest it has, that source of buying shrinks with it.
- Concentration in one partner: much of the September volume came through a single young launchpad. Crowdfund Insider describes StonkFun as launched in summer 2026, with only a handful of its tokens reaching large market values.
- Stock-paired tokens are not shares: The Block and Crowdfund Insider both note that a token paired with a tokenised ETF gives no claim on the underlying shares, dividends or voting rights. It can fall even when the ETF rises.
- Speculative volume: both the September and October spikes came with volume surges that later subsided.
The October prices are CoinGecko daily snapshots, so intraday highs and lows on those dates may have been higher or lower. This is not investment advice, and crypto assets can lose most of their value.
