PYTH goes parabolic as Trump admin taps blockchain oracles for data verification
PYTH surges 70% after the US government tapped Pyth Network and Chainlink to help publish official economic data on multiple blockchains.
The native token of the Pyth Network surged on Thursday after the project confirmed it had been selected by the US Department of Commerce to verify and distribute economic data onchain — a move that places blockchain technology at the center of official government processes and highlights the important role of data oracles.
According to CoinMarketCap, the PYTH token peaked just above $0.20, marking a daily gain of more than 70%. It was last trading just below $0.19, still up about 62% on the day.
The rally propelled PYTH to its highest level since February, lifting its market capitalization above $1 billion, while trading volumes skyrocketed more than 2,700% in the past 24 hours.