Why is Pyth Network’s PYTH Token Pumping? Major Exchange Listing Sparks Price Surge Within Hours
Binance, the world’s leading cryptocurrency exchange by trading volume, announced the listing of Pyth Network’s native cryptocurrency, PYTH. Following this news, the price of PYTH surged over 12% within 24 hours to around $0.49 per token as of the latest price information from Binance.
Pyth Network operates as a decentralized financial market data oracle, meaning it supplies real-time price information to decentralized applications (dApps) running on various blockchains. Significantly, Pyth has become the largest first-party oracle network with over 95 active data providers contributing price feeds.
As BitmonkCrypto highlighted, these price feeds power more than 290 dApp integrations across 45+ different blockchain networks. Hence, the demand for Pyth’s market data stretches across many sectors of the decentralized finance space.
Additionally, PYTH hit an all-time high value of $0.548655 last November before declining from that peak. However, the new Binance listing appears to be reigniting interest in the token. According to Binance’s data, PYTH’s 24-hour trading volume exceeded $309 million leading up to the announcement.
Consequently, the Binance listing promises to expand access and boost liquidity for the PYTH token. Binance revealed it will initially apply a “Seed Tag” to PYTH listings, meaning withdrawals will be restricted temporarily for risk management purposes, as is common for newly listed assets.
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Show more +As the largest and most trusted first-party Oracle network, Pyth’s real-world data feeds are in high demand across DeFi. Hence, the Binance listing serves to increase PYTH’s visibility and validity within the cryptosphere. The rapid 12% price rise underscores investor enthusiasm for PYTH’s deepening position as a vital data provider across decentralized networks and applications.
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