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US Government Partners with Pyth Network to Revolutionize Economic Data Reporting

Pyth Network has witnessed a significant surge in its token price after being selected by the U.S. Department of Commerce to publish key economic data, including Gross Domestic Product (GDP), on-chain.

The announcement, which also indicated that this will be the first instance of GDP data being verified and distributed via blockchain, propelled the PYTH token's price up nearly 70% within 24 hours.

This notable partnership positions Pyth Network as a critical oracle provider, alongside established players like Chainlink, enhancing its credibility in the crypto ecosystem.

Investors have responded enthusiastically, with trading volumes soaring and the token rising from $0.11 to almost $0.20, marking a substantial influx of market interest.

Commerce Secretary Howard Lutnick emphasized the partnership's goal: to improve economic data transparency and accessibility, aligning with the U.S. government's commitment to modernizing data reporting.

The momentum suggests that the Pyth Network is no longer merely an oracle service but a trusted player with real-world applications, reflecting broader trends in decentralized finance.

The immediate resistance level for the PYTH token sits at $0.213, while strong support areas are identified around $0.162 and $0.14, critical for sustaining the uptrend.

As interest continues to build, the market anticipates that institutional demand will further elevate the Pyth Network's growth trajectory.

This collaboration marks a potential turning point in how economic data is utilized and perceived, paving the way for a new era of financial transparency.

Investors and analysts alike are optimistic about the future of PYTH, highlighting its unique position at the intersection of governmental endorsement and blockchain technology.