The native token of the decentralized finance (DeFi) oracle network Pyth, PYTH, has fallen over 12% in the last 24 hours after reaching an all-time high two days ago.
According to cryptocurrency price data site CoinGecko, PYTH is currently trading at $0.477896 at press time, down from $0.548655, its record high hit on November 24th. Despite the double-digit losses over the past day, PYTH remains up over 70% from it’s all-time low of $0.28 on November 21st.
This significant volatility in PYTH’s price comes just over a week after the project airdropped 250 million tokens valued at $77 million to holders of Pyth Network NFTs and community administrators. The airdrop was conducted by crypto exchange startup Backpack, which is backed by funds from FTX’s venture capital arm.
Despite the recent volatility, Pyth Network still ranks fourth based on the total value secured on its platform. Meanwhile, PYTH stands at #75 based on market capitalization rankings on CoinGecko. It remains to be seen if the token can maintain a floor over it’s all-time lows as more supply enters circulation in the coming months.
Also Read: Pyth Network Launches Permissionless Mainnet