Pyth Network token surges by 20% amid Binance listing

The token of the Pyth Network project (PYTH) was among the growth leaders, gaining 20% in price.

According to data from CoinMarketCap, PYTH has risen 20.4% in the past 24 hours, reaching $0.49 when writing. At the same time, token trading volumes showed explosive growth, increasing by 158% to $204.2 million.

Year-to-date, PYTH has grown steadily, gaining over 43% in just one month. The latest sharp jump in the PYTH rate is happening amid the announcement of the Binance crypto exchange about its upcoming listing. According to the announcement, PYTH trading will begin on on Feb. 2. PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY pairs will be available on Binance.

At the end of November 2023, Pyth Network launched its token, which debuted with a total market value of $540 million. PYTH is the governance token of the Pyth Network. To vote on proposals to govern the project, holders must stake tokens in the network’s staking program. Due to the cross-chain airdrop on the first day of trading, the market capitalization at its peak was $765 million.

Pyth Network also presented a token airdrop involving 75,000 wallets. The project team distributed 600 million PYTH coins. The goal is to reward the community that has made significant contributions to the development of the project and attract new participants.