Scarce Open Market Supply of Top Two Gold Tokens as Concentration Levels Run High Among Top Holders

Over the last six months, the value of an ounce of gold has witnessed a 3.8% surge in relation to the U.S. dollar. Within the realm of cryptocurrencies, there exist two noteworthy tokens backed by gold: pax gold (PAXG) and tether gold (XAUT). Together, these tokens amass a considerable worth of nearly $1 billion.

Timeline of Pax-gold, Tether-gold

The market capitalization of tokenized gold assets has crossed the $1 billion milestone, coinciding with the near-record high price of gold. Tokenized gold, a form of stablecoin, mirrors the price of gold.

The FTX controversy has pulled the entire crypto market down, with top tokens struggling to stay afloat. Despite the bearish sentiment, PAX Gold (PAXG) has continued to trade in the green zone, keeping substantial intraday and one-week gain.

As the market suffers from FTX's liquidity crisis, PAX Gold (PAXG), a commodity-backed crypto, continues to lead weekly gains. The 65th largest crypto by market cap was seen keeping a week-on-week gain of 5.26% and an intraday gain of 1.12%.

With the rising trend of Decentralized Finance (DeFi), more platforms compete for users' attention and capital. Oryen Network (ORY) offers one of the highest Annual Percentage Yields (APYs), set at 90%.

15 months ago the price of one ounce of fine gold was $1,790 per ounce and since then, it has increased in value 3.51% to today's $1,853 per ounce exchange rate. While gold has risen in value, the top two tokenized gold coins have grown significantly since then. Pax gold (PAXG), for instance, has seen