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PYTH Price Jumps 13% Amid lisUSD Price Feed Upgrade, Here’s All

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The Pyth Network has recently experienced a remarkable price surge, with its native token PYTH soaring by 13% following the launch of its new lisUSD/USD price feed. This innovative price feed is specifically designed for lisUSD, a decentralized and unbiased stablecoin, and is now accessible on more than 55 blockchains. This expansion is a significant milestone for the Pyth Network, substantially enhancing its reach and utility across the blockchain ecosystem.

Impact of the lisUSD/USD Price Feed Release

The release of the lisUSD/USD price feed marks a pivotal development for the Pyth Network. LisUSD, a decentralized, unbiased, and collateral-backed stablecoin, is soft-pegged to the US Dollar and developed by lista_dao. This stablecoin aims to provide a reliable and transparent financial tool within the crypto ecosystem. The new lisUSD/USD price feed enhances this by offering accurate and decentralized pricing data, essential for the stablecoin’s integrity and functionality. The Pyth Network’s commitment to decentralization and accuracy is evident in making this price feed available on over 55 blockchains, significantly broadening its accessibility and utility.

Following this release, Pyth Network (PYTH) has seen a notable increase in its market value, climbing 12.2% to reach $0.449. This surge was accompanied by a significant boost in trading volume, which soared to $589,188,357.06 over a 24-hour period, reflecting heightened investor interest and market activity. With a circulating supply of 1.5 billion PYTH tokens, Pyth Network’s market capitalization has risen to approximately $673.6 million.

Also Read: Bitcoin & Solana Surge With $947M Inflow, BTC Price Rally Ahead?

Technical Analysis and Future Growth Potential

Pyth Network is currently navigating a crucial phase, with its price testing a strong resistance trendline around the $0.5 mark. Should PYTH achieve a daily close above this level, analysts anticipate a bullish trend reversal, potentially targeting $1, which would represent a significant 2x increase. The open interest in PYTH has soared to over $108.5 million, indicating a 28.04% increase in the past 24 hours. Technical analysis suggests that by 2024, PYTH could reach a minimum price of $0.8254, with a potential maximum of $0.9287, and an average trading price around $0.857. For May 2024, projections estimate the price to range between $0.6453 and $0.7092, averaging around $0.6769.

Additionally, the Relative Strength Index (RSI) stands at 65.23, signaling heightened bullish sentiment. Currently ranked No. 56 in the entire crypto ecosystem, Pyth Network has demonstrated a solid upward trend over the past week, increasing by 5.25%. Given these indicators, Pyth Network is showcasing strong potential for continued growth, making it an attractive investment opportunity. The recent developments and technical outlook highlight the network’s capability to maintain its upward momentum and achieve substantial future gains.

Also Read: UK Judge Reveals Craig Wright’s Legal Judgment, What’s Next?

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BitMEX Expands Support For Dogecoin, Shiba Inu, Pepe Coin & Others

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Today, BitMEX has launched a new product: the MEMEMEXTUSDT. This is a Basket Index perpetual swap contract. It is designed to give traders exposure to top 10 meme coins. Moreover, these coins include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and other popular meme cryptocurrencies.

BitMEX Meme Coin Perpetual Contract Index

Furthermore, the contract is margined in USDT and traders can leverage up to 25x. For context, basket Index perpetual contracts are derivatives. They are tied to a group of underlying assets. Moreover, this new product lets traders speculate on the overall performance of meme coins. It also helps them diversify their risk. It is similar to the S&P 500 in traditional finance.

The MEMEMEX Basket Index, also called .BMEMEMEXT, is a key part of this new product. It includes the top 10 meme coins by market cap. As of now, these coins and the share in the index are:

  • Dogecoin (DOGE): 20%
  • Shiba Inu (SHIB): 20%
  • Pepe Coin. (PEPE): 20%
  • Dogwifhat (WIF): 8.81%
  • Floki Inu (FLOKI): 8.31%
  • Brett (BRETT): 7.31%
  • Bonk (BONK): 7.38%
  • Book of Meme (BOME): 3.18%
  • Memecoin (MEME): 2.50%
  • Mog Coin (MOG): 2.50%

Furthermore, the market caps of these tokens will be reviewed monthly. Therafter, the index will be adjusted to always include the top 10 meme coins. The MEMEMEX Basket Index by BitMEX uses a weighted average price of these coins. The index multipliers are updated on the last Friday of each month. Any changes are announced four days before the rebalance.

Also Read: Crypto Trader Bags $59M In PEPE, SHIB, ETH, & 5 Others Hinting Gains Inbound

Features Of The Basket Memecoin Index

According to the latest announcement, the MEMEMEXTUSDT contract on BitMEX has specific features:

  • It is a linear perpetual swap.
  • It is margined in USDT.
  • Users don’t need to hold the actual meme coins.
  • Symbol: MEMEMEXTUSDT
  • Margin Currency: USDT
  • Contract Size: 0.0001 MEMEMEXT
  • Lot Size: 1000
  • Minimum Trade Amount: 0.1 MEMEMEXT
  • Underlying: .BMEMEMEXT
  • Maximum Leverage: 25x
  • Maker Fees: -0.015%
  • Taker Fees: 0.075%
  • Base Initial Margin: 4.00%
  • Base Maintenance Margin: 2.00%

The MEMEMEXTUSDT allows traders to easily gain exposure to meme coins. They can do this without holding the individual coins. The product is ideal for those looking to speculate on the meme coin market as a whole. It provides a way to leverage their positions up to 25 times. This can amplify gains but also increases risks.

The latest move by BitMEX move comes as meme coins continue to gain popularity. Dogecoin and Shiba Inu, for instance, have massive followings. Moreover, they have seen significant price movements lately. Hence, the MEMEMEX Basket Index could attract more traders to the platform. It simplifies access to the meme coin market.

Also Read: Shiba Inu Coin Burn Rate Skyrockets 30000%, SHIB Reversal Soon?

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitwise Files Amended S-1 for Ethereum ETF Ahead of Launch Deadline

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Bitwise has filed an amended S-1 form for its Ethereum exchange-traded fund (ETF) just days before its July 8 deadline. This move indicates that the product is nearly ready for launch. Analysts predict that these ETFs could begin listing within the next two weeks.

Bitwise Submits Amended S-1 for Ethereum ETF

Bitwise’s updated registration form was submitted on Wednesday. Analysts suggest that these products be listed by mid-July. A source close to the situation indicated the SEC might approve the final drafts by the end of next week.

The SEC approved 19b-4 forms for eight spot Ethereum ETFs, including Bitwise, on May 23. However, issuers need their S-1 statements to become effective before trading can begin. This two-step process has kept the market eagerly awaiting the launch.

Despite the light comments on the S-1 forms, the SEC has taken its time to get approvals. A single problematic issuer may need to be on time to process. Nevertheless, expectations remain high for a launch this month.

 

Also Read: Federal Reserve Forecasts “AI Will Be Deflationary” To Boost Economy

Analysts Confident in Near-Term ETF Launch

Bloomberg ETF analyst James Seyffart noted the frequent amendments in S-1 forms. He expects more filings from other issuers throughout the week. This pattern suggests a coordinated effort to meet regulatory requirements.

Senior Bloomberg ETF analyst Eric Balchunas expressed surprise at the SEC’s slow pace. He speculated on possible reasons, including summertime vacations. Despite this, he confirmed indications of a launch this month.

The SEC’s return of S-1 forms with light comments suggests minimal hurdles remain. Analysts view this as the final round of feedback. This has increased confidence in a near-term launch.

Bitwise made significant updates to its S-1 form. One notable change includes waiving the sponsor fee for the first $500 million assets. However, the firm still needs to disclose the fee after this threshold.

Another issuer, VanEck, also announced that fees would be waived initially. These moves suggest competitive strategies to attract initial investors. By waiving fees, these firms aim to lower the entry barriers for new investors.

The recent amendments highlight Bitwise’s proactive approach to regulatory compliance. The firm’s updates reflect a strategic positioning ahead of the anticipated market entry. This aligns with the broader trend among issuers to streamline their offerings.

Also Read: US Lawmaker French Hill Doubles Down On Trump’s Pro-Crypto Stance

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Market Fluctuations Take Uniswap Exits Near Weekly Double-Digits

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UNI, the native token of the decentralized crypto exchange Uniswap is down alongside the other coins. The crypto market has declined again after a slight recovery at the start of the month. Digital assets continue a downward trajectory that saw losses last month reducing the overall sentiments in altcoins.

UNI price soared this year against the market as the community anticipated a vote amongst other factors. In the past weeks, the bullish drive for the asset has plunged leading to sharp losses. A major reason for the downward trend of Uniswap is the reduced transaction activity as assets take a tumble.

Uniswap Nears Double Digit Losses

Uniswap is down 2.12% in the last 24 hours while its price stands at $8.66. This slump takes weekly figures above 7% above other top assets with v slight numbers. UNI soared above multiple resistance levels this year after a strong crypto performance in Q1 2024. At the moment, a chunk of gains are lost with bears becoming main characters in the last 39 days.

Last month, UNI tanked over 9% longer-term figures. Despite sell-offs recorded these weeks, UNI holders on social media spaces express optimism towards an improved price this month. While several commentators believe a market rebound might occur in July, industry and macro factors must flip positively an upward price trajectory.

Interest rate cuts remain a major talking point this year as firms expect cuts between September and October. These factors can swing the tide in favor of the market.

Wider Assets Plunge 

Like Uniswap, other crypto assets have plunged with the bearish sentiment. Market leader Bitcoin (BTC) fell below $60,000 before making a slight recovery above the mark. This downtrend for BTC has caused similar movements in altcoins. Ethereum trades at $3,288 plummeting 3.89% today while BNB and Solana are down 4% and 7% respectively. 

Also Read: These Crypto Stocks Are Falling Amid Q2 2024 Optimism

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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