Pyth Network Price Prediction 2023-2030: Will PYTH Reach $10?
Total Holders: 128,668 129,290 (-622 in last 24 hours), Top 10 Holders: 79.9% (Declined). The revised Pyth Network Price Prediction 2023 is $0.510
Latest Pyth Network Price
Pyth Network Price Performance
- Last 7 Days: +25.1%
- Since Launch: -10.1%
Pyth Network announces the introduction of Pyth Metadata, enhancing its existing Pyth Price Feeds. The upgrade aims to provide developers with key insights for each supported price feed and its underlying asset. The addition of Pyth Metadata is expected to offer a more comprehensive understanding of the data and contribute to a richer development experience.
Kraken has recently announced the availability of PYTH Tokens through a direct listing.
Pyth Network Monthly Update:
- Added 5 new chains, including Viction, Core, and NEAR.
- Introduced 18 new #PoweredByPyth decentralized applications (dApps).
- Implemented 14 new price feeds.
- Surpassed the milestone of 100 million total cross-chain updates.
- Facilitated a monthly traded volume of $10 billion through its platform.
Pyth Network: Social Media and Crowd Poll Trends
Social Media Buzz: High (Trending Higher)
Net Social Media Sentiment (#Pyth)
- Last 7 days: +58.0%
- Yesterday: +94.6%
- Today: +91.9%
Pyth Network – Net Buy Rating [New]
- Nov 24th: +44.1%
- Nov 30th: +42.6%
- Dec 6th: +41.3%
- Dec 8th: +41.5%
Pyth Network Price Predictions
Pyth Network Price Prediction: Influencer Estimates
Various investment strategies include buying $PYTH at ≤ $0.20 and selling at $0.50, with predictions of its price ranging between $0.30–$0.50. FIP Crypto plans to hold $PYTH when priced between $0.20–$0.40, take profits at $0.40, and consider a larger sell-off before the first token unlock, contingent on market conditions.
Pyth Network Price Prediction 2023-2030, Aggregated
- Pyth Network Price Prediction 2023 is $0.484
- Pyth Network Price Prediction 2024 is $0.740
- Pyth Network Price Prediction 2025 is $1.09
- Pyth Network Price Prediction 2026 is $1.51
- Pyth Network Price Prediction 2027 is $1.80
- Pyth Network Price Prediction 2028 is $2.35
- Pyth Network Price Prediction 2029 is $3.35
- Pyth Network Price Prediction 2030 is $4.85
Pyth Network Price Prediction: Will PYTH Reach $10?
In order for Pyth Network to reach $10, it would need to increase by a factor of 20. At $10, PYTH’s Market Cap will be $15.6 Billion. If Pyth Network were to grow at a rate of 25% each year, it would take about 15 years to reach $10. Let us evaluate this data
- Quality of Investment- Moderate
- Growth required to reach $10- Feasible (Example: Bitcoin was priced at $0.1 in October 2010. 12 years later, It is 22000 times higher)
- Market Cap at $10- Partially Feasible
- Time required to reach $10 if it were to rise at 25% per annum- Partially Feasible
Considering the criteria Quality of Investment, growth required and time required, PYTH can reach a price as high as $10 in case of favorable market conditions.
Pyth Network Price Prediction Today: Bullish or Bearish Sentiment?
|1. Market's Wisdom||Partially Bullish|
|1a. Market Data||Partially Bullish|
|1b. Technical Recommendation||Neutral|
|2. Crowd's Wisdom||Partially Bearish|
|2a. Social Media Buzz||Lower|
|2b. Social Media Sentiment||Steady|
Latest Pyth Network News
Pyth vs Chainlink: Summary of Social Media Discussions
Chainlink has a larger market capitalization and offers a broader range of services, including over 1,000 networks and various off-chain and cross-chain capabilities. In contrast, Pyth Network is rapidly expanding, with a presence on more blockchains and a significantly higher number of price feeds. However, concerns are raised about Pyth’s connections to controversial firms, suggesting potential conflicts of interest. While Chainlink is regarded as the established standard, Pyth is viewed as a potential disruptor, often compared to historical examples of technological disruption.
- Pyth had added 20 data providers in the last 12 months and now has 93 data providers
- Injective has integrated Solana tokens, enabling the smooth access of Solana ecosystem assets, such as $PYTH, through the Injective Hub and Bridge.
- The Pyth Network has secured 99% of the total value on the Aptos and SEI Networks.
Pyth Network Price Prediction: Is Pyth Network a Good Investment?
The Pyth Network is a leading source of financial data, providing over 300 real-time price feeds for various asset classes like digital assets, equities, ETFs, FX, and commodities. It involves major exchanges, market makers, and financial services providers contributing their price data for on-chain aggregation and distribution to smart contract applications.
With its innovative pull oracle design, the Pyth Network allows applications to easily fetch the latest price when needed.
It operates as a protocol where data providers submit proprietary price information, ensuring accuracy through multiple providers for each price feed. Pyth’s oracle program combines this data to produce a single aggregate price and confidence interval value. Decentralized applications (dApps) then access this price data on their native blockchain for various use cases.
PythNet- A Network Built on Solana
Pythnet is a blockchain network application based on Solana’s code, designed to enhance the Pyth network’s ability to collect and share first-party data at incredibly fast speeds. Pythnet uses the Wormhole cross-chain messaging protocol to transmit pricing information to other blockchains.
The decision to build on Solana was driven by its proven capacity to handle thousands of transactions per second with quick finality. Solana’s 400 ms slot time further enables Pyth’s price feeds to update faster compared to most other Layer 1 Blockchains.
It’s important to note that Pyth’s oracle program operates simultaneously on both Solana mainnet and Pythnet. While Pythnet is built on Solana’s technology, it operates as a separate blockchain
Components of Pyth Network
Pyth is a system that lets market players share pricing details on a blockchain with others. It involves three main groups:
- Data providers: These are individuals or entities that share pricing information with Pyth’s Oracle program. Pyth has multiple providers for each price feed to make the system more accurate and robust.
- Pyth’s on-chain Oracle program: This program, found on Pythnet, combines the data submitted by providers to create a single overall price and confidence interval.
- Applications: These are software programs that read the price details generated by the Oracle program. Specifically, Pyth allows users to “pull” prices onto the blockchain as needed, making these prices accessible to everyone on that particular blockchain.
Pyth’s real-time market data is available for over 40 blockchains, and it’s backed by 90+ major market participants, including Jane Street, CBOE, Binance, OKX, and Bybit.
Case Study 1: During a significant market event on November 18, where the price of $YFI (YFI/USD) plummeted by nearly 40%, leading to over $4 million in liquidations, the Pyth Network’s data feeds played a crucial role. Throughout this period of high volatility, Pyth’s YFI/USD feed continuously provided reliable and frequent price updates. This was particularly evident as the confidence intervals of the data widened due to increased price measurement errors, showcasing the network’s capability to assist protocols in managing market risks and directing user actions during turbulent market conditions.
Case Study 2: Pyth Network is powering DeCalls’ Degen Mode, a prediction market protocol focused on the future price of $SOL. Degen Mode, launched on August 1st, has quickly gained popularity with over 75,000 games played, generating a total volume of 9,000 $SOL. This game allows players to predict whether the price of an asset will rise or fall within a set time frame. Key to its functionality is the accurate determination of the starting and ending prices of the asset, for which Degen Mode relies on Pyth’s real-time market data.
Some Criticism of Pyth: Twitter user @croque__m, discussing the Pyth project, acknowledges its merits but raises concerns about its token distribution, with only 15% initially released, possibly leading to significant sell pressure over the next 3.5 years. Comparing Pyth with projects of similar market capitalization and considering LINK’s (Chainlink) valuation, they suggest that Pyth’s market cap might reach half of LINK’s at its peak, factoring in the gradual release of the remaining 85% of Pyth tokens over set intervals. Despite the uncertainty in predictions, the user remains bullish on Pyth and plans to hold their airdropped tokens while contemplating additional investment.
According to The Pyth Network, Pyth has increased its blockchain coverage by five times in the past year and covers 40 different blocks. This expansion includes offering over 350 permissionless price feeds across the additional blockchains. Over 230 apps (287% increase in 12 months), including decentralized exchanges (DEXs), lending platforms, and derivatives platforms, rely on Pyth’s data. Pyth has increased its data providers by 27% in the past year, offering more first-party data straight from the source. It provides price feeds every 400 milliseconds, enabling high throughput in decentralized finance (DeFi) applications. Pyth Price Feeds (Source: Pyth). which doubled in the last 12 months, and rose 10% in the last 3 months.
The Pyth Network’s PYTH Token distribution is integral to its evolution towards a decentralized, self-sustainable, and permissionless ecosystem. This governance approach allows token holders to steer the protocol’s development, influencing key operational aspects like fee structures, reward distribution for data providers, software updates, and the addition of new data feeds.
The PYTH token, with a maximum supply of 10 billion and an initial circulating supply of 1.5 billion (15%), has a structured distribution plan. Key categories include Publisher Rewards (22%), reserved for data providers to encourage precise and timely data publication; Ecosystem Growth (52%), allocated to various contributors such as developers and researchers for advancing the Pyth Protocol; Protocol Development (10%), dedicated to core contributors working on oracle tooling and infrastructure; Community and Launch (6%), fully unlocked for initial phase activities; and Private Sales (10%), representing funds raised from strategic contributors.
Overall, Pyth Network appears to be a moderate case for investment.
Also Read: Aave Price Prediction
Where Can I Buy PYTH Tokens?
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.
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