PYTH Network's price jumps 60% after being chosen by the US for on-chain data verification

Pyth Network Price Surge: Pyth Network's price increased by over 60%, reaching highs of $0.20, following the announcement from the U.S. Department of Commerce regarding its selection as a strategic partner for economic data distribution.

Volume Increase: The trading volume for Pyth Network surged dramatically by 2,700%, indicating strong buying interest after the news broke.

Blockchain Economic Data Initiative: The U.S. Department of Commerce will publish economic data on multiple blockchains, including Bitcoin, Ethereum, and Solana, with Pyth Network and Chainlink facilitating the verification and distribution of this data.

Market Capitalization Growth: Following the price increase, Pyth Network's market capitalization exceeded $1 billion, marking a significant recovery to levels not seen since May.