In a remarkable turn of events, the trading volume for the gold-backed token PAX Gold (PAXG) has surged, marking a significant milestone in the cryptocurrency market. On January 21st, PAXG contracts achieved a trading volume of 2.272 billion, outpacing notable tokens such as LIT, BNB, and AAVE. According to the official information, this increase highlights the growing interest in asset-backed cryptocurrencies.
Impressive Trading Activity on Hyperliquid
This impressive trading activity took place on the Hyperliquid platform, where PAXG secured the 8th position in overall rankings. The current open interest for PAXG contracts is reported at 86,858,930, indicating strong investor interest and engagement in this asset. Additionally, the funding rate for these contracts is set at 0.00032, reflecting the dynamics of the market.
Market Dynamics and Funding Rates
In the context of broader market downturns, it is noteworthy that funding rates often turn negative, which means that short positions are required to pay fees to long positions. This trend highlights the complexities of trading in volatile markets and the strategic considerations that traders must navigate.
As PAX Gold (PAXG) sees a surge in trading volume, Bonk, a cryptocurrency linked to the Solana ecosystem, has also been experiencing notable trading activity. For more details, you can read about it here.
