PYTH Token Sees 12% Drop in 24 Hours
The native token of the decentralized finance oracle Pyth Network, PYTH, has experienced a 12% decrease in value over the past day. Currently, PYTH is being traded at $0.477896, which is 12% lower than its previous level.
Volatility and All-Time Highs
The current price of PYTH is nearly 13% lower than its all-time high of $0.548655, reached on November 24th. However, it remains more than 70% higher than its all-time low from November 21st.
Backpack Airdrop Boost
Launched just a week ago, PYTH originated from airdrops conducted by the Pyth Network and crypto exchange startup Backpack. The latter distributed 250 million tokens worth approximately $77 million to Pyth NFT holders and administrators within the Pyth Discord community across multiple blockchains.
Market Capitalization and Trading Volume
Following the airdrop, PYTH’s market capitalization surged to $765 million, with the token initially priced at $0.053 according to CoinMarketCap. However, it quickly dropped to $0.28 before stabilizing around $0.32, resulting in a market valuation of $468 million. The daily trading volume reached $107 million during that time.
Current Status and Rankings
Presently, PYTH boasts a market capitalization exceeding $719 million and a 24-hour trading volume of $132.5 million. Out of the total supply of 10 billion tokens, approximately 1.5 billion are in circulation. Airdrop recipients are expected to claim their tokens by February 18, 2024. Pyth Network holds the fourth position in terms of total value secured, while PYTH token ranks at #75 on CoinGecko’s market cap ranking.
Hot Take: PYTH Faces 12% Decrease in Value
PYTH, the native token of Pyth Network, has witnessed a 12% drop in value over the past 24 hours. Despite experiencing volatility and being below its all-time high, PYTH maintains a significant increase compared to its all-time low. The token’s launch was accompanied by a successful airdrop conducted by Backpack, resulting in a surge in market capitalization. Although the price initially dropped, it has stabilized with substantial trading volume. Currently, PYTH holds a strong market capitalization and ranking within the crypto space. It will be interesting to observe how the token evolves in the future.
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