Binance listing catapults Pyth Network token with a remarkable 20% surge
The PYTH token, which is associated with the Pyth Network project, experienced substantial growth, with a 20% increase in price.
Based on data provided by CoinMarketCap, PYTH has surged by 20.4% within the last 24 hours, reaching a value of $0.49 at the time of writing. Additionally, the trading volumes for the token have seen explosive growth, rising by 158% to reach $204.2 million.
Throughout the year, PYTH has consistently demonstrated steady growth, with an impressive 43% increase in just one month. The recent surge in the value of PYTH can be attributed to the announcement made by the Binance cryptocurrency exchange regarding its upcoming listing. According to the announcement, trading for PYTH will commence on February 2nd. Binance will offer several trading pairs for PYTH, including PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY.
In November 2023, the Pyth Network introduced its token, which made its debut with a total market value of $540 million. PYTH functions as the governance token for the Pyth Network, allowing holders to participate in voting on project proposals by staking their tokens through the network’s staking program. The market capitalization for PYTH reached its peak of $765 million due to a cross-chain airdrop that occurred on the first day of trading.
Additionally, the Pyth Network implemented a token airdrop that involved 75,000 wallets, distributing 600 million PYTH coins. The purpose of this airdrop is to reward the community for their significant contributions to the project’s development and to attract new participants.
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