Pyth Network price rallies as monthly traded volume hits ATH

Pyth Network token price has done well in the past few days as investors cheer the platform’s airdrop. The token rose to a high of $0.4803, giving it a market cap of over $670 million. This makes it one of the fastest-growing tokens in the world.

Pyth volume spikes

Pyth Network is a leading player in the blockchain industry. It provides oracle solutions that bring off-chain data to the on-chain environment. It competes with the likes of Chainlink, WINKLink, Chronicle, and Band Protocol.

According to DeFi Llama, Pyth is the fourth biggest oracle with over $1.57 billion secured in its network. The biggest dApps in its ecosystem are Venus Core Protocol, Synthetix, Solend, Cetus, and marginfi Lending.

Pyth Network was initially launched on Solana, a blockchain that has superior speeds and lower transaction costs. It then created its own blockchain known as Pythnet that helps it provide data at a faster pace than other networks.

Pyth speed also comes from how it sources its data. Unlike other platforms, it sources its price feeds directly from financial services companies. It now has over 380 data feeds and is used by over 230 apps.

Pyth is a cross-chain network that secures dApps across multiple chains like BNB, Avalanche, Arbitrum, and Solana. According to its website, it secures about 66% of the total value stored in BNB Chain.

In a statement, Pyth Network said that monthly traded volume in the ecosystem surged to a record high in October. It handled over $9.1 billion in transactions, with most of them being by EVMs like Arbitrum and Optimism.

Pyth Network token price has also jumped as more people know about this Chainlink competitor. Historically, tokens tend to do well shortly after an airdrop. We recently saw Celestia’s TIA token surge after having an airdrop.

So, what next for Pyth Network price?

PYTH chart by TradingView

Pyth Network token has done well shortly after its airdrop. It has surged to a high of $0.4803, which is much higher than its record low of $0.0095. The token has done well as its momentum has jumped after its airdrop.

In the near term, its performance will depend on two main things. First, it will depend on how cryptocurrencies like Bitcoin, Ethereum, and XRP trade in the coming days. If these coins rise, there is a likelihood that it will also continue rising.

Second, it will also depend on whether insiders start selling, as we have seen many times before. This selling will likely push the token lower in the coming weeks.

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