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Key Reason Why Solana-Based Pyth Network (PYTH) Token Surged Over 15%

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Sun, 21/01/2024 - 12:15
Key Reason Why Solana-Based Pyth Network (PYTH) Token Surged Over 15%
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In a surprising turn of events, the Pyth Network (PYTH) token has experienced a remarkable surge of over 15% in the last 24 hours, reaching the current price of $0.4231. This surge is accompanied by a substantial increase in trading volume, up by 49.82% and now standing at $133,054,051.

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With market cap 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. Notably, data from Dune reveals that the PYTH token holders' count has reached an impressive 210,001, signaling growing interest and adoption within the cryptocurrency community.

The driving force behind Pyth Network's recent surge 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 its distribution of this data across 40+ blockchains, providing a comprehensive and decentralized solution for financial data integration.

Impressive network growth

Originally designed for the Solana (SOL) blockchain, known for its speed-centric capabilities, Pyth Network has expanded its functionality into its own chain, Pythnet, which is based on Solana's technology. According to DefiLlama, Pyth Network currently ranks as the fourth-largest oracle project, boasting an impressive total value secured (TVS) of $2.046 billion.

Despite being behind Chainlink, which holds the top spot with a TVS of $18.006 billion, Pyth Network's position is noteworthy, outpacing Switchboard and Binance Oracle with $441.49 million and $177.66 million in TVS, respectively. Pyth Network also excels in terms of networks served, securing the second position with 144, just trailing behind Chainlink's 349.

The surge in PYTH's value underscores the growing importance of decentralized oracles in the cryptocurrency space. As Pyth Network continues to enhance its infrastructure and expand its network, investors and enthusiasts alike are closely monitoring its trajectory, anticipating further developments that could impact the broader crypto landscape.

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