Binance Announces Listing of Pyth Network’s PYTH Token – Sees 25% Price Surge

The post Binance Announces Listing of Pyth Network’s PYTH Token – Sees 25% Price Surge appeared first on Coinpedia Fintech News

In a recent announcement, Binance, the world’s largest cryptocurrency exchange, revealed its decision to include Pyth Network’s PYTH token in its lineup of supported altcoins. This news sent ripples through the crypto community, especially as the price of PYTH surged by an impressive 25%, reaching $0.4923 shortly after the announcement

Binance Lists PYTH Trading

On this second day of the new month, Binance made waves with its announcement to include Pyth Network’s PYTH token in its esteemed list of altcoins. 

Pyth Network, acknowledged as the largest and fastest-growing first-party oracle network, has solidified its position by delivering 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 inclusion 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 start depositing PYTH to prepare for trading, with withdrawals set to open on February 3 at midnight UTC. Notably, Binance waived the listing fee for PYTH and added a “seed tag” to caution traders about the potential high volatility associated with the digital asset.

PYTH TVS Hits Record Highs

Parallel to the listing of the PYTH token, Pyth Network’s Total Value Secured (TVS) 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 substantial adoption of Pyth Network across the decentralized finance (DeFi) landscape, sparking widespread interest among crypto enthusiasts globally.

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 reflected substantial gains, further fueling the excitement surrounding Pyth Network.

PYTH’s Price Surge

As of now, the PYTH token has witnessed a robust surge of 25% over 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 removes a portion of PYTH from the total circulating supply, contributing to increased demand.