Pyth Network’s Native Token PYTH Rallies 30% — Here’s Why

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YEREVAN (CoinChapter.com) — Pyth Network’s native PYTH token is one of the best-performing altcoins today. According to market data, the token has surged nearly 30% in the past 24 hours. It went from $0.3907 to a daily high of $0.5055. Moreover, its trade volume also surges by 60% to $137 million, underscoring a decisive strength behind the rally.

PYTH token price has surged 30% in 24 hours. Source: CoinStats

PYTH’s price hovers around $0.5045 at the time of writing, according to data from the portfolio management app CoinStats.

As a first-party oracle network, Pyth is a relative newcomer in the industry. However, owing to its ability to provide high-fidelity, real-time financial market data directly on-chain, it has emerged as a strong competitor to established market players, like the Ethereum-based Chainlink (LINK).

Several recent developments around the Pyth Network have brought it under the limelight. All these have acted as a catalyst for the recent price growth.

Pyth Network launches on ZeroLend

PYTH recently became the first project listed on the popular lending market ZeroLend’s airdrop points platform Zero Gravity.

ZeroLend’s post about Oracle provider Pyth Network’s listing on Zero Gravity. Source: X

According to ZeroLend’s X post on Jan. 30, PYTH holders can now participate in ZeroLend’s airdrop.

In addition to the airdrop news, Pyth Network announced the launch of price feeds on Filecoin’s virtual machine.

“This partnership with the FilFoundation makes more than 400 Pyth Price Feeds permissionlessly available to all developers building the future of finance on the Filecoin peer-to-peer network,”

the team announced.

This set of partnerships, among several others, has boosted investor interest in the PYTH token.

Dogelon Mars (ELON) boosts Pyth Network

In what seems to have given more incentive to investors, Dogelon Mars announced a special airdrop to PYTH token holders.