Pyth Network's $PYTH token rose about 21% in 24 hours to near $0.096, while trading volume more than doubled to $152M. Over the same period, $BTC gained less than 1%, leaving the oracle token
Pyth Network's $PYTH token rose about 21% in 24 hours to near $0.096, while trading volume more than doubled to $152M. Over the same period, $BTC gained less than 1%, leaving the oracle token as one of the day's stronger performers in a quiet market.
The move followed a report from @PythNetwork that its feeds priced $2.04T of the $2.16T in cumulative volume for perpetual futures (perps) tracking stocks, commodities and indexes in the third quarter.
Real-world asset (RWA) perpetuals are contracts that track assets such as stocks, commodities and currencies with no expiry date. They reached $2.16 trillion in notional volume across 22 venues in Q3. Pyth priced 94.4% of that total, other oracles 3.1% and venues' in-house systems 2.5%.
The headline share has a caveat. Pyth's share slipped from 96.5% in July to 95.6% in August and 90.5% in September, according to BigGo Finance's breakdown of the data.
Pyth's own Q3 update pointed to commercial growth as well. Total active annual recurring revenue (ARR) reached $11.49M at the end of September, up 86.5% quarter over quarter, after Pyth added $5.33M in net new ARR during Q3. Coinbase is using Pyth data to support continuously priced thematic markets, while MarketVector indexes calculated with Pyth data underlie equity index futures listed by Coinbase Derivatives.
Token-specific factors have also been in play this month. The approval of the OP-PIP-136 proposal redirects 100% of Pyth's revenue to buy back PYTH tokens, up from 33%. Purchased tokens are held in reserve rather than burned.
Earlier rallies have also met resistance. ETHNews noted that PYTH failed for the second time to hold above the $0.088 to $0.091 resistance zone, so the latest advance toward $0.096 puts that range back in focus for traders. An earlier daily rally came on volume far below the late-August breakout, which makes the doubling of volume in the latest session notable.
Whether the move holds will depend on whether volume stays elevated and whether Pyth can keep its share of a fast-growing RWA perps market. Price moves in small-cap tokens can reverse quickly, and none of this constitutes investment advice.
Pyth Network: The Market Data Layer for New Financial Markets
ETHNews: PYTH Price Rallies 9% on Weak Volume, Breakout Attempt Fades
BigGo Finance: PYTH Token Surges Toward $0.09 Resistance as Buyback Rule Takes Effect
