PYTH(Pyth Network)fall 7.61% in the last 24 hours

Gate News Bot news, September 2nd, according to CoinMarketCap data, as of the time of writing, PYTH( Pyth Network) is currently priced at $0.16, with a 7.61% fall in the last 24 hours, reaching a high of $0.25 and a low of $0.11. The 24-hour volume has reached $205 million. The current market capitalization is approximately $936 million, a decrease of about $77.17 million compared to yesterday.

Pyth Network is a decentralized financial market data network that sources pure market data directly from top financial institutions and traders, providing a price layer for global finance. The network is dedicated to delivering "prices for everything, everywhere," providing reliable, real-time data for applications.

Important recent news about PYTH:

1️⃣ Price fluctuated significantly, experiencing a rise followed by a correction in the short term The price of PYTH saw a significant increase on August 29, with a nearly 100% rise within 24-hour volume, pushing the market capitalization to briefly exceed $1.3 billion. However, this strong upward momentum could not be sustained, leading to a noticeable pullback. The current price has dropped 36% from the peak, reflecting a rapid change in investor sentiment in the short term.

2️⃣ The U.S. Department of Commerce selects for on-chain economic data verification and distribution Pyth Network has been selected by the U.S. Department of Commerce for the verification and distribution of on-chain economic data. This collaboration involves not only the release of one-time data but also lays the foundation for a strategic partnership between the two parties. Pyth will first provide quarterly GDP data for the past five years, with the potential to expand to a broader economic dataset in the future. This move highlights Pyth's leading position and authority in the decentralized oracle space.

3️⃣ Market enthusiasm continues to rise Despite the price pullback, PYTH still maintains a high level of market attention. In the popular cryptocurrency rankings on August 29, PYTH topped the list, showing investors' continued interest in the project. High volume and activity indicate that the market remains optimistic about PYTH's future development.

From a technical perspective, the PYTH price has experienced a correction after a rapid rise and is currently likely in a phase of seeking a new price equilibrium. Investors should closely monitor changes in the project's fundamentals and the progress of cooperation with the U.S. Department of Commerce, as these may become key factors affecting future price movements.

This message is not investment advice; investors should be aware of market volatility risks.