Raydium Prices Shot 30% 2 Weeks Ago Before Plunging, What Happened?

RAY, the native governance token of Raydium, the automated market maker (AMM) decentralized exchange (DEX) on Solana, soared 30% on May 17 before reversing gains, plunging to spot rates. 
RAY Prices Under Pressure
According to CoinMarketCap data on May 30, RAY is changing hands at $0.19, stable against the USD, Bitcoin, and Ethereum on the last trading day. RAY has a market capitalization of $41.2 million at this rate, with an average trading volume of $2 million in the past