Pyth Network (PYTH) has been one of the most talked-about projects in the crypto market this past week, surging over 50% to breach the $0.50 level.
With the bullish momentum showing no signs of slowing down, some traders believe PYTH could hit the $1 mark this year if adoption continues growing.
What is Pyth Network & Why Is It Causing a Buying Frenzy?
With traders betting on Pyth Network’s growth, it’s worth exploring what exactly Pyth is and why there’s so much excitement around it.
In essence, Pyth is a first-party oracle network that specializes in providing real-time, high-fidelity market data to DeFi applications across various blockchains.
It serves a critical role in powering DeFi by supplying accurate and timely price feeds for assets like cryptocurrencies, equities, commodities, and more.
Pyth Network boasts more than 400 data feeds and supports over 45 different blockchains at present. The native PYTH token plays a crucial role in the network, enabling governance participation and staking activities.
With over 90 major institutions acting as data providers and a market cap exceeding $730 million, Pyth Network has established itself as the fastest-growing first-party Oracle solution.
This has helped draw enormous attention to the PYTH token, which has attracted $230 million in trading volume over the past day alone.
Can the PYTH Token Hit $1 in 2024?
With Pyth Network solidifying itself as a key player in the DeFi space, speculation is heating up around whether the PYTH token could reach $1 this year. Currently trading around $0.50, hitting $1 would require a 100% price appreciation.
However, with trading volumes up 161% in the past 24 hours, there is no shortage of investor interest. For PYTH to hit $1, accelerating adoption and usage of the Pyth Network will be key.
As more dApps integrate Pyth’s market data feeds across a growing selection of blockchains, demand for the PYTH token should rise in tandem. Greater protocol governance participation and staking activity would also provide buying pressure.
With the DeFi space still multiplying, Pyth Network has an enormous opportunity ahead. Moreover, now that a breakout is in progress on the daily price chart, PYTH could surge to $1 if it continues its current trajectory.
eTukTuk Looks to Revolutionize Transportation in Developing Countries & Passes $700k Milestone
While traders closely track Pyth Network’s growth, another crypto asset is gaining increasing buzz – eTukTuk.
According to eTukTuk’s whitepaper, the project aims to revolutionize transportation in developing countries by replacing traditional gas-powered tuk-tuks with eco-friendly electric ones.
eTukTuk looks to build the supporting infrastructure, such as charging stations, while leveraging blockchain technology for governance and transparent operations.
With a focus on initial implementation in Sri Lanka and eventual global expansion, eTukTuk adopts a decentralized sharing model to boost efficiency.
The project also uses artificial intelligence (AI) for tuk-tuk deployment and charger placement. TUK token powers the entire ecosystem and is used for payments and staking.
Regarding the latter, TUK holders can currently obtain yields of 298% per year – with over 16.7 million tokens already staked.
Ultimately, by transitioning to electric tuk-tuks, eTukTuk intends to significantly reduce emissions and improve air quality in target regions.
This also unlocks significant economic opportunities through job creation, financial inclusion, and boosting local economies.
YouTuber Michael Wrubel, who has over 310,000 subscribers, believes eTukTuk’s eco-friendly approach could be a key growth driver – and stated that he’s “bullish” on TUK’s price prospects.
With presale fundraising now surpassing $700,000, eTukTuk’s momentum shows no signs of slowing down as it works towards its ambitious vision.
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