Altcoin
Will Pyth’s $48M airdrop lead to a sudden price surge
As the Pyth volume calms down after its Binance listing, will another round of airdrop trigger it again?
- Pyth announces a new round of airdrops.
- The value of PYTH continues to increase, with a rise of over 3%.
Pyth [PYTH] has announced the launch of its second round of airdrops following the distribution of millions in the initial round last year.
$48 million worth of airdrop commences
As of 7th February, Pyth has started the second round of its airdrop, as indicated in a recent announcement.
The team explained in a blog post how this airdrop round would be conducted. It specified that the creators of 167 decentralized applications (dapps) using Pyth data are eligible to receive 100 million PYTH tokens in the second phase of the airdrop.
Furthermore, the decentralized apps eligible for this benefit are listed on the website. The estimated value of the second round of the airdrop is over $48 million.
Late last year, the network introduced its native token, based on Solana, as a means of rewarding users, community members, and client applications. The first phase of the airdrop distributed 255 million PYTH tokens to early network users.
How the Pyth volume has trended
As per data from CoinMarketCap, the current circulating supply of Pyth is about 1.5 billion, with a total supply of around 10 billion. At the time of this writing, the trading volume had decreased by over 5% in the last 24 hours to around $80.1 million.
Further analysis of the volume on Santiment showed a notable decline in the past few days. The chart showed a spike in volume to over $350 million between 2nd and 3rd February, coinciding with the listing announcement and suggesting increased excitement among holders.
Source: Santiment
How Pyth has trended since its listing
At the time of this writing, Pyth was trading at about $0.49, increasing over 3%. Chart analysis revealed consistent uptrends since the start of the month.
It showed a strong bull trend on its Relative Strength Index (RSI) at the current price range.
Source: Trading View
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With the introduction of new tokens through Dapps, an increase in volume is anticipated. However, a sudden surge in price solely based on the airdrop is not expected.
The recent airdrop will likely result in a gradual rise in volume and, eventually, the price of Pyth.
