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In a period where airdrops have surged by the end of 2023, with investors’ expectations at their peak, Pyth (PYTH) announced the launch of its second airdrop campaign following the distribution of millions of tokens in the previous year’s first round.
Airdrop Worth $48 Million
As of February 7th, Pyth made an announcement about the commencement of the second round of its airdrop. A blog post published by the team detailed how the airdrop round would be conducted. It was revealed that 167 dapp creators associated with Pyth are entitled to receive 100 million PYTH tokens in the second phase of the airdrop.
Furthermore, the dapps that are eligible for the upcoming airdrop were listed on the website. The estimated value of the second round of the airdrop is calculated to be over $48 million.
In the last period of the previous year, the network distributed its native tokens based on Solana to reward users, community members, and client applications. During the first phase of the airdrop, 255 million PYTH tokens were distributed to early users of the network.
Current Status of Pyth’s Volume
According to data provided by CMC, the current circulating supply of Pyth is approximately 1.5 billion tokens, with the total supply almost ten times that at 10 billion tokens. As of the time of writing, the trading volume has decreased by over 5% in the last 24 hours, amounting to around $80.1 million.
Volume analysis on Santiment reveals that the altcoin’s volume experienced a significant drop within a few days. The Santiment chart also reflects a surge in volume exceeding $350 million between February 2nd and 3rd, coinciding with the listing announcement and increasing excitement among investors.
Current Status of Pyth
As of the time of writing, Pyth is trading at approximately $0.5490, reflecting an increase of over 3%. Chart analysis indicates a consistent upward trend since the beginning of the month. The current price range also shows a strong bullish tendency on the Relative Strength Index (RSI).
Following the introduction of new tokens into the market through dapps, an increase in volume is likely. However, the airdrop alone may not trigger a sudden increase in price. The latest airdrop could potentially pave the way for a gradual increase in volume and ultimately in Pyth’s price.
