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 <p class="is-style-lead">PYTH, the native token of the decentralized finance oracle Pyth Network, is down 12% in the last 24 hours.</p>
 <p>According to data from cryptocurrency price aggregator CoinGecko, PYTH is currently changing hands at $0.477896, which is 12% lower than its level from the previous day.</p>
 <p>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.</p>
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   PYTH price chart | Source: CoinGecko
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 <p>The token, barely a week old, started life following Nov. 20 <a rel="noopener noreferrer nofollow" title="airdrop" href="https://thebittimes.com/tag/airdrop.html">airdrop</a>s by the Pyth Network and crypto exchange startup Backpack.&nbsp;</p>
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    <p lang="en" dir="ltr">Tomorrow at 8 am UTC, PYTH/USDC will list on Backpack Exchange, and $PYTH deposits and withdrawals will open. pic.twitter.com/vLKMQkA1Vb</p>— Backpack (@xNFT_Backpack) November 21, 2023
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 <p>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.</p>
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 <p>Following the <a rel="noopener noreferrer nofollow" title="airdrop" href="https://thebittimes.com/tag/airdrop.html">airdrop</a>, PYTH’s market capitalization soared to $765 million, with CoinMarketCap data showing the token was priced at $.053.</p>
 <p>Soon after, the price dropped to $0.28 before settling at the $0.32 level, giving it a market valuation of $468 million. At that time, the daily trading volume of the token reached $107 million.</p>
 <p>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 <a rel="noopener noreferrer nofollow" title="airdrop" href="https://thebittimes.com/tag/airdrop.html">airdrop</a> recipients expected to claim their tokens by Feb. 18, 2024.</p>
 <p>Pyth Network ranks fourth in total value secured, while its token stands at #75 on CoinGecko’s market cap ranking.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/pyth-down-12-days-after-backpack-airdrop-tbt71616.html">https://thebittimes.com/pyth-down-12-days-after-backpack-airdrop-tbt71616.html</a></p>

PYTH down 12% days after Backpack airdrop

TheBitTimes

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