PYTH Token Experiences a 12% Drop in the Last 24 Hours
Date: 2023-11-29 Author: Dima Zakharov Categories: IN WORLD
Market Fluctuations
Over the last 24 hours, the PYTH token, a crucial component of the Pyth Network’s decentralized financial ecosystem, has seen a notable drop of 12%. According to CoinGecko, it is currently trading at $0.477896, marking a 12% decline from the previous day.
Recent Performance
Furthermore, the present price is nearly 13% lower than its record high of $0.548655 achieved on November 24. Despite this dip, it remains more than 70% above its record low on November 21, demonstrating the volatility in the cryptocurrency market.
Token Origins and Initial Surge
Introduced just a week ago through a distribution event on November 20 by the Pyth Network and the cryptocurrency exchange Backpack, the PYTH token emerged into the market. Backpack, supported by the venture arm of FTX, distributed 250 million tokens, initially valued at approximately $77 million, among Pyth NFT holders and community administrators across 27 blockchains.
Market Capitalization Rollercoaster
Following the distribution, the market capitalization of PYTH soared to $765 million, with CoinMarketCap data indicating a token price of $0.053. However, it experienced fluctuations, dropping to $0.28 and then stabilizing at $0.32, resulting in a market evaluation of $468 million. At that time, the token’s daily trading volume reached $107 million.
Current Status
Presently, the token’s market capitalization exceeds $719 million, with a 24-hour trading volume of $132.5 million. Out of the total 10 billion tokens, approximately 1.5 billion are in circulation, and recipients of the airdrop are expected to claim their tokens by February 18, 2024.
Pyth Network Rankings
Pyth Network holds the fourth position in terms of total value locked, and its token occupies the 75th spot in CoinGecko’s market capitalization ranking.
