You may have heard about Pyth Network; it’s an oracle that has its own token, which was launched in November of 2023. However, in recent months, the $Pyth price has been falling significantly. In this article, we are going to find out why and if it’s an opportunity.
What Is Pyth ?
Just like Chainlink, pyth is an oracle that provides trusted information from outside-world sources to on-blockchain smart contracts. To simplify, it is the relay between the information outside of the blockchain and the blockchain.
$Pyth Price
The $Pyth token was launched in November last year. There was a lot of hype, with some speculating that it would flip Chainlink, and there were high hopes for airdrops for $Pyth stackers. Naturally, the $Pyth price was increasing:
However, the trend quickly changed, with the price of $Pyth dropping by 62% since its all-time high of $1.17 in March. But why?
It’s mainly due to the anticipation of the massive token unlock that happened on May 19th.
In fact, it was an unlock of 2.13 billion tokens, meaning that the supply increased by 141.67% compared to the supply at the launch.
Source : TokenUnlocks
The good news is that after this unlock, the next one is in one year, but it will also be very significant (2.13 billion tokens). So there might be an opportunity if you want to invest.
It’s going to be very interesting to follow!
As always thank you for reading !
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Disclaimer : This is not a financial advice, you need to do your own research !
