Solana-based tokens and Solana meme coins have been in the spotlight in the industry for a while now. Both Pyth and Myro are two of the top-performing cryptocurrencies that belong to the Solana blockchain.

While Myro is a meme coin, named after Solana co-founder Raj Gokul’s pet dog, the Pyth Network is a decentralized oracle network built on Solana. The native cryptocurrencies of both these projects, PYTH and MYRO, grabbed a spot in news headlines for their exceptional market performance.

The Pyth network being an actual crypto project with real-world use cases has more possibility to reach $1 compared to the MYRO meme coin. Let us take a closer look at the market performance of both these projects and analyze which one will hit $1 this year, in detail.

Market Performance of Pyth Network (PYTH)

Pyth Price Chart

The PYTH token is trading at $0.4941 and is down by 2% in the last 24 hours, as of February 05, 2024. However, its price witnessed a 26% weekly gain and a 80% monthly gain, increasing its price multifold.

Even though The Pyth Network project was launched a couple of years back on Solana, its native token PYTH entered open markets in November 2023. The starting price of the PYTH token was $0.3028 and it has a total supply of over 9.9 billion PYTH tokens.

It witnessed a hype price spike in the first week of its launch and reached an all-time high of $0.5437 and has traded sideways for the rest of the 2023. As soon as the new year entered, the PYTH token dropped to as low as $0.2385.

However, with the hype around the fundamentals of the project combined with Binance exchange listing PYTH tokens, the market value of PYTH tokens increased significantly. Being the leading crypto exchange, Binance contributed to a large extent for the price rise of PYTH tokens by announcing its listing on the platform.

Market Performance of Myro (MYRO)

MYRO Price Chart

The MYRO token price is floating around $0.07464, at the time of writing, as of February 05, 2024. However, it has recorded an overall growth of more than 1800% since its launch in November 2023.

Being a meme coin, Myro stood in the frontline of all the trending Solana meme coins with its upward trend in the market. With a starting price of $0.004163 in Nov 2023, MYRO traded at around the same range till December last year.

However, MYRO token was trending in January 2024 on Google with its impressive price rally and significant rise in trading volume. After reaching a peak value of $0.2582 in the third week of Jan, its price dropped to around $0.04 this month. Being a meme coin, the market performance of MYRO tokens completely depends on the hype and popularity around meme coins.

Pyth vs Myro: Who Will Hit $1 First in 2024?

The Pyth Network developed on the Solana blockchain is emerging to be one of the largest oracle networks. It addresses one of the most pressing issues, which is delivering accurate on-chain data across various decentralized applications.

Some of the top exchanges that collaborate with the Pyth network are Binance, Bybit, and OKX, including others like Jane Street, Cboe Global Markets, and more. The PYTH token serves as a governance token for the participants, allowing them to be involved in the decision-making process by staking them.

On the other hand, Myro is a meme coin, with no strong fundamentals and real-world use cases. With a hype around Solana meme coins, its price witnessed a price surge over a month ago. But, there is no guarantee that the price rally of a meme coin continues after the hype subsides. This is an obvious case from the top meme coins like Dogecoin and Shiba Inu to recently launched meme coins.

So, coming back to the question: Pyth vs Myro: who will hit $1 in 2024?, it is difficult to say at the current market conditions. While the PYTH token reaching $1 depends on the successful implementation of the project and increased adoption, the MYRO price surge depends purely on the hype around meme coins.

Additionally, the price of PYTH is close to reaching $1 when compared to the price of MYRO. So, there is a high possibility for PYTH to reach $1 first in 2024, considering Solana meme coins hype will not be as much as it was around a month back. In case, the meme coins on Solana succeed in gaining popularity and attention, then we may see MYRO to reach $1 first this year.

Thus, we need to pay close attention to meme coin trends and the latest happenings of the market to analyze which crypto, Pyth or Myro, will reach $1 and to make wise investment decisions!

The post Pyth vs Myro: Who Will Hit $1 First in 2024? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am