In a surprising turn of events, the Pyth Network token (PYTH) has seen a notable rise of over 15% in the last 24 hours. reaching the current price of $0.4231. This increase is accompanied by a substantial increase in trading volume, which increased by 49.82% and now stands at $133,054,051.
In a surprising turn of events, the Pyth Network token (PYTH) has seen a notable rise of over 15% in the last 24 hours. reaching the current price of $0.4231. This increase is accompanied by a substantial increase in trading volume, which increased by 49.82% and now stands at $133,054,051.
With a market capitalization growth of 16.10%, PYTH has now secured its position as the 98th largest cryptocurrency by market capitalization, which currently stands at $635,151,565. In particular, the Dune data reveals that the PYTH token holder count has reached an impressive 210,001, indicating growing interest and adoption within the cryptocurrency community.
The driving force behind Pyth Network’s recent rise lies in its innovative approach as a decentralized oracle. The network sources financial market data from over 90 first-party publishers, including major exchanges such as Binance, OKX, and Bybit. What sets Pyth apart is the distribution of this data across over 40 blockchains, providing a comprehensive, decentralized solution for financial data integration.
Impressive network growth
Originally designed for the Solana (SUN) blockchain, known for its speed-focused capabilities, Pyth Network has expanded its functionality to its own chain, Pythnet, which is based on Solana technology. According to DefiLlama, Pyth Network currently ranges as Oracle’s fourth largest project, with an impressive total value insured (TVS) of $2.046 billion.
Despite being behind Link of the chain, which ranks first with a TVS of $18.006 billion, Pyth Network’s position is notable, surpassing Switchboard and Binance Oracle with $441.49 million and $177.66 million in TVS, respectively. Pyth Network also stands out in terms of networks served, securing the second position with 144, just behind Chainlink’s 349.
The rise in PYTH value underlines the growing importance of decentralized oracles in the cryptocurrency space. As Pyth Network continues to improve its infrastructure and expand its network, investors and enthusiasts alike are closely monitoring its trajectory, anticipating new developments that could impact the broader crypto landscape.