The cryptocurrency platform Pyth Network has initiated its second airdrop, building on the success of its prior campaign. This strategic move is expected to engage and incentivize a significant number of decentralized application (dapp) creators. The network aims to strengthen its ecosystem by disbursing 100 million PYTH tokens, which currently hold an impressive market value of $48 million, to participating developers.
Pyth Bolsters Dapp Development with Generous Airdrop
Following the high anticipation from investors, Pyth Network’s recent announcement on February 7th marked the beginning of the new airdrop phase. The announcement included details about the distribution process and eligibility criteria, with 167 dapp developers linked to Pyth Network set to benefit from the token giveaway. The selection of dapps eligible for the airdrop is already available on Pyth’s official website. This giveaway follows the previous year’s distribution, where the network rewarded its community with 255 million PYTH tokens.
Tracking Pyth’s Market Activity
Market data highlights that Pyth’s current circulating supply is hovering around 1.5 billion tokens out of a total supply of 10 billion. The token has experienced a slight dip in trading volume, dropping by 5% over the past day to reach $80.1 million. Additionally, market volume trends observed on Santiment showcase a notable decline in recent days, despite a significant volume spike coinciding with the listing announcement earlier in the month.
As for Pyth’s price action, the token is currently trading up more than 3% at $0.5490. This positive momentum is supported by a bullish outlook on the Relative Strength Index (RSI). While the airdrop itself may not instantly escalate the token’s price, it is expected to contribute to a gradual uptick in both volume and market price as new tokens enter circulation through engaged dapp developers.