The Binance Listing
Binance, the leading cryptocurrency exchange, has added Pyth Network’s PYTH token to its supported altcoins. This acceptance caused the price of PYTH to rise by 25% to settle at $0.4923.
Pyth Network Strength
Pyth Network, known as the largest first-party oracle network, provides real-time market data to over 40 decentralized applications (dApps). It offers over 380 low-latency price feeds across various assets, including cryptocurrencies, stocks, ETFs, foreign exchange pairs, and commodities.
PYTH Trading Pairs
The addition of PYTH on Binance introduces new trading opportunities with pairs such as PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY. Traders can deposit PYTH for trading, and withdrawals will start on February 3 at midnight UTC. Binance waived the listing fee for PYTH and included a “seed tag” to warn traders about potential high volatility.
PYTH TVS Growth
Pyth Network’s Total Value Secured (TVS) reached a remarkable $2.43 billion, showcasing substantial adoption across the decentralized finance (DeFi) landscape. This milestone generated widespread interest among crypto enthusiasts globally.
PYTH’s Price Surge
The PYTH token experienced a 25% surge, reaching $0.5018, which was attributed to the significant Binance listing, reducing the circulating supply of PYTH and raising demand.
Hot Take
The inclusion of Pyth Network’s PYTH token on Binance has had an immediate impact, propelling its price up by a significant 25%. The addition of PYTH on Binance opens up new trading avenues on the spot market, while Pyth Network’s Total Value Secured (TVS) has reached an impressive $2.43 billion, leading to substantial gains and fueling widespread interest. This positive price momentum results from the significant Binance listing, effectively reducing the circulating supply of PYTH and contributing to heightened demand.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.