PYTH Skyrocketed 90% in 24 Hours, Why did Pyth Network Surges Today (8/29/25)?

Updated

August 29, 2025

Gambar PYTH Skyrocketed 90% in 24 Hours, Why did Pyth Network Surges Today (8/29/25)?

Jakarta, Pintu News – The Pyth Network token price skyrocketed more than 90% within 24 hours as of August 29, 2025 after the project was announced as one of the official data providers by the United States Department of Commerce.

The move puts blockchain technology and cryptocurrencies at the center of government processes, while demonstrating the important role oracles play in keeping economic data valid.

Read the full information and analysis in this article!

PYTH skyrockets 90% in 24 hours after being chosen by the US government

The Pyth Network (PYTH) price chart shows a sharp spike in the last 24 hours. At the start of the session, the price was still moving flat around $0.12 (Rp1,978), with trading activity relatively quiet. However, towards the evening, there was a surge in volume that pushed the price up dramatically to above $0.20 (IDR3,297).

After the vertical increase, the chart showed a volatility pattern with several red and green candles alternating. The price briefly touched a daily peak around $0.25 (IDR4,122) before correcting slightly. Currently, PYTH is trading at around $0.23 (IDR3,791), marking a gain of almost 97% in one day.

Pyth Network’s market capitalization also jumped to $1.33 billion, while its 24-hour trading volume was recorded at more than $2.12 billion, an increase of more than 7,250% compared to the previous period. This surge confirms the high market interest in PYTH following the news of a strategic partnership with the US government.

Also read: El Salvador’s Bitcoin Close to $1 Billion, What’s Bukele’s Next Move?

The Role of Oracle: Pyth and Chainlink in the Spotlight

In addition to Pyth Network, the US government also appointed Chainlink as a key partner for distributing official data to various blockchains. These two projects were chosen for their ability to provide oracles capable of verifying and disseminating information in real-time.

The U.S. Department of Commerce has selected Pyth Network to verify & distribute economic data onchain 🏛️

Today’s announcement by @howardlutnick & @realDonaldTrump marks a landmark step for the adoption of decentralization & validates Pyth’s role as a trusted data source 🧵 ⬇️ pic.twitter.com/cOvw8lDNhP
— Pyth Network 🔮 (@PythNetwork) August 28, 2025

Pyth Network is known as a decentralized oracle system that sends financial market data directly to the blockchain. This data includes stock prices, foreign exchange rates, and commodities that can be used in various decentralized finance applications.

Meanwhile, Chainlink has long been a dominant player in the crypto oracle ecosystem. With these two projects joining the US government initiative, the role of oracles is increasingly important to bridge offchain and onchain data in the cryptocurrency world.

Also read: Gold Jewelry Price Today, Friday August 29, 2025, Up or Down?

The Pro-Crypto Agenda of the Trump Administration

This policy comes amid growing criticism of official government data, particularly employment data released by the Bureau of Labor Statistics (BLS). President Donald Trump even accused the data of being “manipulated” for political purposes, before firing BLS Commissioner Erika McEntarfer.

In response, the Trump administration took a pro-crypto step by launching a blockchain-based initiative. The move forms part of a broader strategy to accelerate the adoption of digital assets and cryptocurrency innovation at a national level.

In addition to the oracles blockchain project, the Trump administration has also passed the GENIUS Stablecoin Act, as well as passing bills related to crypto market structure and a ban on central bank digital currency (CBDC) in the House of Representatives.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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