The Pyth Network Launches PYTH Token with $523M Market Cap
The Pyth Network’s native token, PYTH, debuted with a total market value of $523m.
Released on November 20, PYTH is the decentralized oracle network’s Solana-based token. The initial market capitalization surged to $765 Million on the first day of trading, fueled by a cross-chain airdrop.
PYTH serves as the governance token for the Pyth Network, aiming to offer transparent and reliable market data. Holders can utilize the token to vote on project governance proposals and must stake tokens in the network’s staking program.
Market Performance and Exchanges
As per CoinMarketCap, PYTH’s market capitalization as of now stands at $523.36 Million, marking a 47% fall from its peak. The token, at the beginning valued at $0.65, now trades at $0.34. Daily volume of trading has surpassed $160 Million, and the Pyth Network ranks fourth between the largest oracle networks, according to DefiLlama. Furthermore, the PYTH token is now listed on KuCoin, OKX, Bybit, Gate.io, HTX, and Bitget.
Hot Take: PYTH Token’s Volatile Debut
The launch of PYTH token has been characterized by whole lot of volatility, with a rapid surge in market capitalization followed by a substantial decline in value. Nonetheless, the token’s listing on major exchanges and its role as the governance token for the Pyth Network indicate its probability for long-term viability and impact within the decentralized finance ecosystem.
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