A Solana-based altcoin experienced a surge of over 42% this week following the announcement of Binance adding spot trading support for the digital asset.
Pyth Network (PYTH), an oracle network designed to deliver real-time financial data to smart contracts and decentralized applications (DApps), saw its native token, PYTH, reach a seven-day high of $0.539, marking a 42.59% increase from its weekly low of $0.378. Currently ranked 96th by market cap, PYTH has retraced from its recent peak and is trading at $0.461 at the time of this writing.
On Friday, Binance introduced spot trading support for the altcoin, attaching a seed tag to PYTH. The exchange applies seed tags to lower-liquidity projects, acknowledging their potential for higher volatility compared to other listed tokens. Binance mandates users holding assets with seed tags to undergo quizzes every 90 days, ensuring awareness of associated risks before trading the tokens.
In November, the exchange listed a PYTH perpetual contract with up to 50x leverage. Solana co-founder Anatoly Yakovenko praised Pyth and other decentralized finance (DeFi) projects within the smart contract platform’s ecosystem in December, highlighting their resilience and growth despite market challenges.