$PYTH Why I OPEN SHORT at PYTH TOKEN
Binance has announce that Pyth will be listed in their exchange available for Spot Tradings 15 minutes ago.
TAKE NOTE: that Pyth token has been trading in BINANCE FUTURE since November 22, 2023.
My logical analysis for such matter is that Binance management and WHALES who are behind this plot has already acquire a massive amount of token, ready to be dump later upon listing.
as a result minutes before the announcement Pyth price aurge from $0.45 to $0.64
But How does Pyth works?
Pyth is a protocol that allows market participants to publish pricing information on-chain for others to use. The protocol is an interaction between three parties:
Data providers submit pricing information to Pyth's oracle program. Pyth has multiple data providers for every price feed to improve the accuracy and robustness of the system.
Pyth's on-chain oracle program on Pythnet combines providers' submitted data to produce a single aggregate price and confidence interval.
Applications read the price information produced by the oracle program. More specifically, Pyth allows users to “pull” prices onto the blockchain when needed. Those prices become publicly available for everyone on that chain.
the project is promising, but you know what happen first time listing to Binance, Whales who aim to makes money tends to know their scam.
high volatility is expected, so trade very carefully. Things that happen in $JUP could happen here. $BTC
Goodluck!
