A Solana-Based Altcoin Soars on Binance Listing
A Solana-based altcoin has experienced a significant surge of over 42% this week following the news that Binance, one of the top crypto exchanges, is adding spot trading support for the digital asset. The altcoin in question is Pyth Network (PYTH), an oracle network that aims to provide real-time financial data to smart contracts and decentralized applications (DApps).
Pyth Network’s Price Movement
Over the course of the week, PYTH reached a seven-day high of $0.539 from a weekly low of $0.378, representing an impressive increase of 42.59%. However, it has retraced from its recent high and is currently trading at $0.461.
Binance’s Listing Announcement
Binance announced on Friday that it would be adding spot trading support for PYTH. The exchange will attach a seed tag to the altcoin due to its lower liquidity and potentially higher volatility compared to other listed tokens. Binance also requires users who own assets with seed tags to pass quizzes every 90 days to ensure they understand the associated risks.
Solana Co-Founder’s Praise for Pyth
In December, Anatoly Yakovenko, co-founder of Solana, praised Pyth and other DeFi projects within the Solana ecosystem. He highlighted their resilience and growth despite challenges in the market.
Hot Take: Pyth Network Gains Momentum with Binance Listing
The addition of spot trading support for Pyth Network (PYTH) on Binance has sparked a surge in its price, resulting in a more than 42% increase this week. As an oracle network built on Solana, PYTH aims to provide real-time financial data to smart contracts and DApps. Binance’s decision to attach a seed tag to PYTH indicates the token’s potential volatility, requiring users to pass quizzes every 90 days before trading. This listing on Binance further strengthens the growth and adoption of Pyth Network within the Solana ecosystem, as highlighted by Solana co-founder Anatoly Yakovenko. With its recent surge, PYTH is poised for continued momentum in the crypto market.
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