BGB vs RAY
Bitget Token and Raydium scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
BGB scores 135 of 250 and ranks 39th of 251. RAY scores 129 and ranks 46th. BGB leads by 6 points, which is inside the range where the individual variables matter more than the total. BGB takes 10 of the 25 variables, RAY takes 6, and 9 are level.
No single variable separates BGB and RAY by as much as 3 points. They are close on the framework's terms, which makes price, liquidity and the supply position below the only grounds for choosing.
BGB is valued at $1.37B against $670.5M for RAY, a 2.0x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 6 | 6 | level | |
| Revenue Trend | 6 | 4 | BGB +2 | |
| P/S Multiple | 5 | 6 | RAY +1 | |
| Real Staking Yield | 4 | 4 | level |
Supply
| Supply Inflation | 7 | 7 | level | |
| Vesting Schedule | 7 | 9 | RAY +2 | |
| Circulating / FDV Ratio | 7 | 6 | BGB +1 | |
| Buyback and Burn | 7 | 7 | level |
Ownership
| Smart Money Flows | 5 | 4 | BGB +1 | |
| Insider Selling | 5 | 6 | RAY +1 | |
| Holder Concentration | 4 | 5 | RAY +1 |
Traction
| TVL Trend | 5 | 5 | level | |
| Active Users | 6 | 7 | RAY +1 | |
| Developer Activity | 5 | 5 | level | |
| Network Growth | 5 | 6 | RAY +1 |
Position
| Market Share | 5 | 5 | level | |
| Competitive Moat | 5 | 4 | BGB +1 | |
| Institutional Adoption | 4 | 3 | BGB +1 | |
| Exchange Depth | 5 | 5 | level | |
| Social Mindshare | 5 | 5 | level |
Risk
| Regulatory Safety | 5 | 3 | BGB +2 | |
| Catalyst Calendar | 5 | 4 | BGB +1 | |
| BTC Alpha Potential | 5 | 3 | BGB +2 | |
| Team Execution | 6 | 5 | BGB +1 | |
| Treasury Runway | 6 | 5 | BGB +1 |
Bars read outward from the centre: BGB to the left, RAY to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| BGB | RAY | |
|---|---|---|
| Price | $1.96 | $2.48 |
| Market cap | $1.37B | $670.5M |
| Circulating | 35% | 48.6% |
| Dilution to full supply | 2.86x | 2.06x |
| Off all-time high | -76.8% | -85.2% |
| To recover the high | 4.3x | 6.8x |
| Total value locked | not published | $1.00B |
| Network | Ethereum | Solana |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
BGB · CAUTIOUS HOLD
Bitget's planned BGB token burn event in June 2025, reducing supply by 5% (40M tokens).
Bitget's proof-of-reserves audit reveals undisclosed liabilities, triggering a run on withdrawals.
RAY · CAUTIOUS HOLD
Solana memecoin cycle revival could 3-5x volume overnight
PumpSwap directly forked revenue model, anonymous team, Q1 2026 revenue -76% from Q3 2025
Common questions
- Is BGB or RAY the better investment?
- On this framework BGB scores higher: 135 against 129 of 250, and it is rated CAUTIOUS HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and BGB still wins 10 of the 25 individual variables against RAY.
- What is the biggest difference between BGB and RAY?
- Nothing separates them by more than 2 points on any of the 25 variables, which is unusual and means the two are close substitutes on fundamentals.
- Which is bigger, BGB or RAY?
- BGB is valued at $1.37B and RAY at $670.5M on the latest market snapshot.
Related comparisons
Keep reading
Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.