Why is Raydium (RAY) up 23.25% Today, September 11, 2026? Buyback Narrative Meets 0.53x Turnover

Raydium's RAY rallied 23.25% as token-specific catalysts outweighed a 1.41% drop in total crypto market cap. Drivers included renewed attention to its fee-funded buyback mechanism (including a reported ~$640k single-day purchase) and a surge in LaunchLab activity following StonkFun integration, pushing 24h volume to ~$215.9m (~0.53x market cap). Momentum appears crowded, increasing sensitivity to any cooling in fees or turnover.