Binance Listing Boosts PYTH Token with an Impressive 25% Surge in Price

Binance, the world’s leading cryptocurrency exchange, has made a significant move by adding Pyth Network’s PYTH token to its supported altcoins. This announcement had an immediate impact on the price of PYTH, causing it to surge by an impressive 25% and settle at $0.4923 shortly after the news broke.

But what does this mean for the markets?

Pyth Network, the largest and fastest-growing first-party oracle network, has strengthened its position by providing real-time market data to over 40 decentralized applications (dApps). With more than 380 low-latency price feeds across various assets, including cryptocurrencies, stocks, ETFs, foreign exchange pairs, and commodities, Pyth Network stands out in the space.

The addition of PYTH on Binance opens up new trading opportunities on the spot market, with pairs like PYTH/BTC, PYTH/USDT, PYTH/FDUSD, and PYTH/TRY. Users interested in trading can deposit PYTH in preparation, and withdrawals will begin on February 3 at midnight UTC. It’s worth noting that Binance has waived the listing fee for PYTH and included a “seed tag” to warn traders about potential high volatility associated with the digital asset.

In parallel with the listing of the PYTH token, Pyth Network’s Total Value Secured (TVS) has experienced remarkable growth, reaching an impressive $2.43 billion according to data from DeFiLlama, a leading blockchain data aggregator. This milestone indicates significant adoption of Pyth Network in the decentralized finance (DeFi) landscape, generating widespread interest among crypto enthusiasts worldwide.

The recent surge in Total Value Secured (TVS) by PYTH aligns with the first notable upswing since December, resulting in substantial gains on the PYTH price chart and further fueling interest in Pyth Network.

As of the latest update, the PYTH token has seen a robust 25% surge in the past 24 hours and is currently trading at $0.5018. This surge represents a monthly high for the PYTH token, briefly reaching $0.5208.

The positive price momentum can be attributed to the significant Binance listing, which has effectively reduced the circulating supply of PYTH and contributed to heightened demand.