Pyth Network Price Rises 14% After Token Buyback Plan Approval

The price of Pyth Network rose by more than 14% to $0.08605 on October 9 after the Pyth DAO approved a plan to direct all eligible product revenues to purchase PYTH tokens on the open market. The daily trading volume was about $119 million (+287% compared to the previous day), with the token gaining 11.27% over the week, and the market capitalization reaching $677 million, placing it 99th among cryptocurrencies.

The DAO approved the allocation of 100% of eligible revenues for the purchase of PYTH under governance OP-PIP-136. Previously, monthly purchases came from one-third of non-PYTH DAO funds and required a separate vote – now the authority is permanent. Funds in stablecoins will be used for open market purchases, while those received in PYTH will go directly into the reserve. The policy covers Pyth Pro, Listing as a Service, Data Marketplace, and Pyth Indices, as well as eligible assets in the treasury. The DAO receives about 60% of the revenues from its products. The transaction limit is $25,000, with a maximum slippage of 5%, and purchases are recorded on the blockchain. Acquisitions began on September 30; the reserve is about 42 million PYTH, although one announcement mentions 41 million. Unlike burning, the Pyth Reserve keeps assets in the DAO treasury.

Pyth reported $11.5 million in annual recurring revenue for September – an 86% increase from the previous quarter and up from $10.4 million in August. Pyth Indices contributed $1.81 million in fixed ARR, coverage increased to 3,811 symbols through Pyth Pro, and Pyth Terminal had 129,265 active users (+44% over the month). Technically, PYTH is holding above the 20-, 50-, 100-, and 200-day EMAs ($0.07433, $0.06444, $0.05670, $0.05562). Resistance is at 0.086–0.090, with a close above $0.090 putting $0.10 in focus; a pullback will refocus attention on the 20-day EMA. RSI is 68.47 with an average of 68.03, near the overbought threshold of 70. The token remains 93% below its all-time high of $1.20; the all-time low is $0.02953.