Solana ecosystem’s oracle project, Pyth Network, saw its native token, $Pyth, surge by 40% in the past 24 hours, reaching a new all-time high of $0.818, with a market capitalization surpassing $1.162 billion. This price surge may be related to the upcoming listing on a Korean exchange, which in the past has caused significant price increases for various tokens due to the market’s anticipation of “kimchi premium.”
In the past, the “kimchi premium” phenomenon has driven the market for tokens such as STORJ, 1inch, Space ID, and Ripple (XRP), resulting in substantial price premiums. Therefore, when a token is about to be listed on a Korean exchange, it often stimulates an increase in its price. With the listing on Upbit and Bithumb scheduled for today at 5 pm, it is highly likely that $Pyth will experience a premium and increased trading activity. Investors should monitor market fluctuations.
Furthermore, as Pyth Network provides data to multiple projects, there is a widespread expectation that staking $Pyth tokens may attract airdrop rewards from new projects, thus attracting a significant number of users to participate in staking. According to data from Dune Analytics, approximately 1.255 billion $Pyth tokens have already been staked, with a total staked value exceeding $990 million, and the number of stakers has surpassed 190,000.
Source: cctdaniel Dune Dashboard