Vulcan Forged PYR
About Vulcan Forged PYR
The price of Vulcan Forged PYR (PYR) is $2.47 today, as of Sep 16 08:27 p.m., with a 24-hour trading volume of $4.00M. Over the last 24 hours, the price has decreased by -4.70%. Vulcan Forged PYR currently has a circulating supply of 23.90M and a market cap of $59.01M.
PYR is the native token of Vulcan Forged, a marketplace for non-fungible tokens (NFTs), and the in-game currency of a handful of play-to-earn fantasy games, including Block Babies, VulcanVerse and Beserk.
PYR, also known as vulcan forged PYR, launched at $2.10 in April 2021, around the same time that bitcoin (BTC) hit its first peak of that year. PYR reached a high of $5.71 later that month but fell to a low of $1.16 in June 2021.
The token hit its all-time high shortly after bitcoin set its own record in November 2021, and two months after social media giant Facebook rebranded to Meta, spending $10 billion on its metaverse division in 2021 and pledging more investment over the following decade. In early December 2021, PYR reached its all-time high of $49.74 at a market capitalization of $928 million.
PYR crashed later that month after a $140 million hack damaged trust in the platform at the same time interest in bitcoin and the metaverse faded away. By the end of January 2022, PYR had fallen to $8.51. The token’s price kept dropping; by the middle of June 2022, it had fallen to $3.14.
The token was launched as an ERC-20 token with a total supply of 50 million tokens. In December 2021, Vulcan Force also deployed PYR on the Polygon network. The team reserved 20% of tokens for staking pools, sold 40% in initial coin offerings (ICOs) and held another 35% in reserves to grow the protocol. The team initially held the remaining 5%.
After the December 2021 hack, PYR’s developers used funds reserved for the team to refund investors. It also implemented a buyback and burn mechanism. This involved buying tokens from the open market and then burning them to permanently remove them from circulation.