Pyth Network, a Solana-based oracle solution, has seen a massive increase in its native crypto token, PYTH. Within the past 24 hours, the token has attained an all-time high (ATH) of approximately $0.8. Here are two leading factors that have fueled the latest price spike:
Why is Pyth Network Increasing?
Pyth Network is a blockchain platform that offers real-time market data to institutions, smart contract developers, and decentralized finance (DeFi) projects. The protocol gathers data from exchanges, market makers, and trading platforms. According to Pyth’s official website, it tracks price data across more than 50 blockchain networks. Its mainnet was launched in August 2021.
One of the key events that have contributed to Pyth’s latest surge is the protocol’s recent integration with the public network, Hedera. According to a press release yesterday, Pyth deployed over 400 price feeds on Hedera. The price feeds enable Hedera developers to access real-time price data while building decentralized applications (dApps).
DeFi lending protocol HLiquity was the first Hedera-based project to harness the Pyth price feed. An official who commented on the move explained that Pyth’s integration with the lending platform will enhance HLiquity as it accesses “real-time, reliable data.”
Another factor that has contributed to Pyth’s uptrend is the recent launch of Bitcoin ETF price feeds. It enables smart contract developers to access real-time price data of 13 spot Bitcoin exchange-traded fund (ETF) products. The price feeds demonstrate Pyth’s mission to bridge traditional finance and cryptocurrencies. The announcement came amid investors’ continuous engagement with the Bitcoin ETFs.
PYTH Sees ATH of $0.8
Following these events, the PYTH token has soared to an ATH of $0.8. The native token was originally launched in November 2023 via a crypto airdrop to 90,000 wallets that have interacted with its platform. The token serves as a governance token. The protocol explained that PYTH can also be staked.
Today, PYTH trades at $0.726, representing a 32% price increase over the past 24 hours.
Source: CoinStats
