PYTH, the native token of decentralized financial oracle Pyth Network, is down 12% in the last 24 hours.
According data According to cryptocurrency price aggregator CoinGecko, PYTH is currently changing hands at $0.477896, down 12% from its previous day’s level.
Furthermore, the current price is almost 13% lower than its all-time high of $0.548655 reached on November 24, but more than 70% higher than its all-time low on November 21.
<img 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 – 1″/>
The token, just a week old, went live on November 20. airdrops by Pyth Network and crypto exchange startup Backpack.
Backpack, which is backed by funding from FTX’s venture arm, distributed 250 million tokens, then valued at around $77 million, to Pyth nft holders and Pyth Discord community managers across 27 blockchains.
Following the airdrop, PYTH’s market capitalization skyrocketed to $765 million, and data from CoinMarketCap showed the token was priced at $0.053.
Shortly after, the price fell to $0.28 before settling at the $0.32 level, giving it a market valuation of $468 million. At that time, the token’s daily trading volume reached $107 million.
The token currently has a market capitalization of over $719 million, with a 24-hour trading volume of $132.5 million. Of the total 10 billion tokens, around 1.5 billion are in circulation, and airdrop recipients are expected to claim their tokens by February 18, 2024.
Pyth Network ranks fourth in total insured valuewhile its token is ranked 75th in CoinGecko’s market capitalization ranking.
