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- PYTH surged 70% to $0.19, hitting a $1B market cap for the first time since May.
- The DOC & BEA will distribute GDP and PCE data across nine blockchains.
- Technicals show a golden cross and surging volume, pointing to possible gains toward $0.21–$0.24.
Pyth Network’s native token (PYTH) rallied nearly 70% on Thursday, Aug. 28, soaring past $0.19 and hitting a $1 billion market cap for the first time since May 2025. The surge followed the U.S. Department of Commerce’s (DOC) announcement that it will distribute official macroeconomic data via blockchain oracles, naming Pyth and Chainlink as key partners.
U.S. Government Turns to Blockchain for Economic Data
The Bureau of Economic Analysis (BEA) will publish indicators such as GDP, the PCE Price Index, and Real Final Sales directly on-chain. The rollout will span nine blockchains, including Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism.
While Chainlink’s LINK token gained just 4% before facing resistance at $25, PYTH outperformed with a dramatic 68% intraday jump. The project’s visibility was further boosted by Pyth Network CEO Mike Cahill, the only executive quoted in the official White House press release distributed via Bloomberg—underscoring the protocol’s rising prominence.
Technical Indicators Signal Bullish Momentum
On the charts, PYTH displayed a golden cross breakout, with the 5-day SMA flipping above both the 8-day and 13-day averages in a single session. Its Relative Strength Index (RSI) stands at 70.91, signaling overbought conditions, but analysts point to surging spot volume as evidence that buying demand remains strong.
At press time, PYTH trades above $0.18, with intraday spot volume up 330% to $884 million. If bulls sustain a close above $0.18, the next resistance levels sit at $0.21 and $0.24, with an extended rally potentially opening the door toward $0.27. Key support lies at $0.15, with stronger backing at $0.13.
Also Read: Kanye West’s YZY Memecoin Crash Wipes Out $74M in Trader Losses —Here’s Why
Pyth Traders Lock In Massive Gains
Just days ago, PYTH traded at a monthly low of $0.10. Dip buyers are now sitting on nearly 95% returns, fueled by renewed investor interest and momentum sparked by the U.S. government partnership.
For Pyth Network—a decentralized oracle that delivers real-time financial data to blockchain applications—the DOC deal represents more than price action. It cements the project’s role in bridging official government data with decentralized markets, a development that could reshape DeFi’s infrastructure.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
