Pyth Launches $48M Airdrop, Aims for Gradual Price Boost
Pyth Announces $48M Airdrop: Will This Drive Up the Price?
Pyth [PYTH] has announced the second round of its airdrops, having already distributed millions in the first round last year.
Launch of the Second Airdrop Round
As revealed in a recent announcement, Pyth launched the second round of its airdrop on February 7. In a blog post, the team explained how this airdrop round is being conducted. It was specified that the creators of 167 decentralized applications (dApps) that use Pyth data are eligible to receive 100 million PYTH tokens in the second phase of the airdrop. In addition, the decentralized apps that qualify for this advantage are listed on the website. The estimated value of the second round of the airdrop is over $48 million.
Introduction of the Native Token
At the end of last year, the network introduced its native token, based on Solana, to reward users, community members, and client applications. The first phase of the airdrop distributed 255 million PYTH tokens to early network users.
Development of Pyth Trading Volume
According to data from CoinMarketCap, the current circulating amount of Pyth is about 1.5 billion, with a total amount of around 10 billion. At the time of writing, the trading volume in the last 24 hours had dropped by over 5% to around $80.1 million. Further analysis of the volume on Santiment showed a notable decline in recent days.
Development of Pyth Since Listing
At the time of writing, Pyth was trading at about $0.49, representing an increase of over 3%. The chart analysis showed consistent upward trends since the beginning of the month. It showed a strong bullish trend on its Relative Strength Index (RSI) in the current price segment.
Outlook
With the introduction of new tokens via dApps, an increase in volume is expected. However, no sudden price increase is expected solely due to the airdrop. The recent airdrop is likely to lead to a gradual increase in volume and eventually the price of Pyth.
Sources: Pyth Blog, CoinMarketCap, Santiment, Trading View.
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