Solana’s Pyth Network project, the native token $Pyth, has surged by 40% in the past 24 hours, reaching a new all-time high of $0.818 and a market value of over $1.162 billion. This price surge may be related to its upcoming listing on a South Korean exchange, as this news has previously driven up the prices of several tokens due to market expectations of a “kimchi premium”.
(Previous Update: Space ID surges 85% in one day! The power of “kimchi rally” returns with the listing on Upbit exchange.)
(Background Information: DeFi oracle new hit? In-depth analysis of Pyth Network.)
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$Pyth surges by 40% in the past 24 hours
Listed on Upbit and Bithumb today at 5 PM
Total staked value of Pyth approaches $1 billion
Solana’s Pyth Network, with its native token $Pyth, has rapidly become the second-largest project in the oracle space since its airdrop in mid-November last year. Today, its token price has seen a huge increase due to the news of its listing on a South Korean exchange.
According to OKX spot price data, the price of $Pyth originally fluctuated around $0.55. However, it surged by nearly 25% to break through $0.73 in the early morning today, and then made another push at around 1 PM, increasing by 8% and reaching a peak of $0.818, setting a new all-time high. It has since slightly pulled back and is currently trading at $0.7764, representing a 40% increase in the past 24 hours. Its market value has surpassed $1.162 billion, ranking 78th in the cryptocurrency market.
Today’s significant price surge of $Pyth is likely related to the official announcement of its listing on the top three South Korean exchanges, Upbit and Bithumb, at around 1 PM. According to the official announcement, trading will commence at 5 PM today. Upbit supports trading pairs with the Korean won and Bitcoin, while Bithumb only supports trading pairs with the Korean won, and both exchanges only accept deposits from the Solana network.
In the past, there have been cases where the Korean cryptocurrency community has driven market hotspots, resulting in significant premiums for tokens, such as STORJ, 1inch, Space ID, and Ripple (XRP) based on lawsuit concepts. This phenomenon is referred to as the “kimchi premium” in the market.
Further reading: The Korean cryptocurrency community’s dream of getting rich: An in-depth analysis of the “kimchi premium” behind the cryptocurrency culture!
Due to these past cases, when a token is about to be listed on a South Korean exchange, it often stimulates a price increase for that token. This time, after the listing on Upbit and Bithumb, $Pyth is highly likely to experience a premium, thereby driving its trading volume. Investors should pay attention to market fluctuations.
Additionally, because Pyth Network provides data to multiple projects, it is widely expected that staking $Pyth tokens may receive airdrop rewards from new projects, attracting a large number of users to participate in staking. According to data from the Dune Analytics platform, approximately 1.255 billion $Pyth tokens have been staked, with a total staked value exceeding $990 million, and the number of stakers has exceeded 190,000.
Source: cctdaniel Dune Dashboard