- Pyth announces a new round of airdrops.
- The value of PYTH continues to rise, up more than 3%.
Pyth [PYTH] has announced the launch of its second round of airdrops, after distributing millions in the first round last year.
An airdrop worth $48 million begins
As of February 7, Pyth has begun the second round of its airdrop, as indicated in a recent post 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 will be eligible to receive 100 million PYTH tokens in the second phase of the airdrop.
In addition, the website lists which decentralized apps are eligible for this benefit. The estimated value of the second round of the airdrop is over $48 million.
Late last year, the network introduced its own token, based on Solana, as a means to reward 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 evolved
According to data from CoinMarketCapPyth’s current circulating supply is approximately 1.5 billion, with a total supply of approximately 10 billion. At the time of writing, trading volume had fallen by more than 5% over the past 24 hours to approximately $80.1 million.
Further analysis of the volume on Santiment showed a noticeable decline in recent days. The chart showed a spike in volume to over $350 million between February 2 and 3, which coincided with the listing announcement and indicated increased excitement among holders.
Source: Santiment
How Pyth has developed since its IPO
At the time of writing, Pyth was trading at around $0.49, up over 3%. Chart analysis revealed consistent upward trends since the beginning 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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An increase in volume is expected with the introduction of new tokens via Dapps. However, a sudden price increase based solely on the airdrop is not expected.
The recent airdrop will likely result in a gradual increase in the volume and, ultimately, the price of Pyth.