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Pyth Network

PYTH, the native token of the decentralized finance oracle Pyth Network, is down 12% in the last 24 hours. 
According to <a href="https://www.coingecko.com/en/coins/pyth-network" target="_blank" rel="noreferrer noopener">data</a> from cryptocurrency price aggregator CoinGecko, PYTH is currently changing hands at $0.477896, which is 12% lower than its level from the previous day. 
Additionally, the current price is nearly 13% lower than its all-time high of $0.548655 attained on Nov. 24 but more than 70% higher than its all-time low level from Nov. 21. 
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 <img loading="lazy" decoding="async" width="1200" height="1200" src="https://crypto.news/app/uploads/2023/11/image-33.png" alt="PYTH down 12% days after Backpack airdrop - 25" class="wp-image-14220278">
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 PYTH price chart | Source: CoinGecko
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The token, barely a week old, started life following Nov. 20 <a href="https://finance.yahoo.com/news/oracles-network-pyth-airdrops-over-054152376.html" target="_blank" rel="noreferrer noopener">airdrops</a> by the Pyth Network and crypto exchange startup Backpack.&nbsp; 
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 Tomorrow at 8 am UTC, PYTH/USDC will list on Backpack Exchange, and <a href="https://twitter.com/search?q=%24PYTH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$PYTH</a> deposits and withdrawals will open. <a href="https://t.co/vLKMQkA1Vb" target="_blank">pic.twitter.com/vLKMQkA1Vb</a>— Backpack 🎒 (@xNFT_Backpack) <a href="https://twitter.com/xNFT_Backpack/status/1726937117979451453?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 21, 2023</a>
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Backpack, which is backed by funds from FTX’s venture arm, distributed 250 million tokens, then valued at about $77 million to Pyth NFT holders and the Pyth Discord community administrators across 27 blockchains. 
 You might also like: <a href="https://crypto.news/blur-skyrockets-30-following-binance-listing-announcement/"> BLUR skyrockets 30% following Binance listing announcement </a> 
Following the airdrop, PYTH’s market capitalization <a href="https://crypto.news/pyth-total-market-value-broke-500m-in-one-day/" target="_blank" rel="noreferrer noopener">soared</a> to $765 million, with CoinMarketCap data showing the token was priced at $.053. 
Soon after, the price dropped to $0.28 before settling at the $0.32 level, giving it a market <a href="https://crypto.news/pyth-networks-token-launch-hits-468m-cap-airdrops-to-90k-wallets/" target="_blank" rel="noreferrer noopener">valuation</a> of $468 million. At that time, the daily trading volume of the token reached $107 million. 
The token currently has a market capitalization of more than $719 million, with a 24-hour trading volume of $132.5 million. Of the total 10 billion tokens, about 1.5 billion are in circulation, with airdrop recipients expected to claim their tokens by Feb. 18, 2024. 
Pyth Network ranks fourth in <a href="https://defillama.com/oracles" target="_blank" data-type="link" data-id="https://defillama.com/oracles" rel="noreferrer noopener">total value secured</a>, while its token stands at #75 on CoinGecko’s market cap ranking. 
 Read more: <a href="https://crypto.news/what-is-xna-and-why-is-it-up-280-in-the-last-week/"> What is XNA, and why is it up 280% in the last week? </a>

PYTH down 12% days after Backpack airdrop

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