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Surge in Solana-Based Altcoin Surpasses 42% This Week Following New Listing on Leading Crypto Exchange Binance
In a surprising turn of events, an altcoin built on the Solana blockchain, has witnessed a staggering surge of over 42% in value during the past week. The rally was ignited by the recent announcement that Binance, a leading cryptocurrency exchange, plans to introduce spot trading for this digital asset.
The altcoin in question is Pyth Network (PYTH), which operates as an oracle network, striving to deliver real-time financial data to smart contracts and decentralized applications (DApps). Its native token PYTH reached a peak of $0.539 over the course of seven days, marking a significant increase from its weekly low of $0.378. While it has since retraced from its recent high, PYTH is currently trading at $0.461.
Binance unveiled support for spot trading of PYTH on Friday, revealing that the token will be assigned a seed tag. Such tags are typically applied to lower-liquidity projects that exhibit relatively higher volatility compared to other listed tokens. To ensure the users are well-informed about the associated risks, Binance mandates those holding assets with seed tags to pass quizzes every 90 days before engaging in token trading.
This comes after Binance listed a PYTH perpetual contract last November, offering traders up to 50x leverage.
In December, Anatoly Yakovenko, the co-founder of Solana, expressed his admiration for Pyth and other decentralized finance (DeFi) projects within the Solana ecosystem. He acknowledged the challenges faced while promoting DeFi on the Solana platform but pointed out the strong teams behind projects like Margin, Solend, Jito Labs, Pyth, and Jupiter Aggregator, who persevered through market downturns and various unforeseen events, eventually reaching a stage of maturity and growth.