Binance Declares the Inclusion of PYTH Token from Pyth Network, Resulting in a 25% Price Increase.
Binance, the world’s largest cryptocurrency exchange, recently announced its decision to add Pyth Network’s PYTH token to its list of supported altcoins. This news caused a stir in the crypto community, especially as the price of PYTH skyrocketed by an impressive 25%, reaching $0.4923 shortly after the announcement.
Binance Lists PYTH Trading
On the second day of the new month, Binance created a buzz with its announcement to include Pyth Network’s PYTH token in its prestigious collection of altcoins. #Binance will list @PythNetwork $PYTH with Seed Tag applied. [image]
Pyth Network, recognized as the largest and fastest-growing first-party oracle network, has solidified its position by providing real-time market data to over 40 decentralized applications (dApps). It stands out with a comprehensive suite of over 380 low-latency price feeds across cryptocurrencies, stocks, ETFs, foreign exchange pairs, and commodities.
PYTH Trading Pairs
The addition of PYTH on Binance opens up trading opportunities on the spot market, with the platform offering PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY trading pairs. Users can now deposit PYTH to prepare for trading, with withdrawals set to open on February 3 at midnight UTC. It is worth noting that Binance waived the listing fee for PYTH and added a “seed tag” to warn traders about the potential high volatility associated with the digital asset.
PYTH TVS Hits Record Highs
In parallel with the listing of the PYTH token, Pyth Network’s Total Value Secured (TVS) has experienced remarkable growth. According to data from DeFiLlama, a leading blockchain data aggregator, the TVS secured by PYTH reached an impressive $2.43 billion. This milestone indicates significant adoption of Pyth Network across the decentralized finance (DeFi) landscape, generating widespread interest among crypto enthusiasts worldwide.
Perhaps the recent surge in Total Value Secured (TVS) by PYTH aligns with the first notable upswing since December. In response to the surge, the PYTH price chart showed substantial gains, further fueling the excitement surrounding Pyth Network.
PYTH’s Price Surge
Currently, the PYTH token has experienced a strong surge of 25% in the past 24 hours, currently trading at $0.5018. This surge marked a monthly high for the PYTH token, briefly reaching $0.5208.
Meanwhile, the positive price movement is seen as a response to the significant listing on Binance, which effectively reduces the total circulating supply of PYTH, contributing to increased demand.