PAXG surged to $5,600 with over $1 billion in daily volume on Feb. 28 amid U.S.–Iran tensions, as traditional gold markets remained closed and XAUT also rallied.
On Feb. 28, PAXG (Pax Gold token) rose to $5,600 per ounce with daily trading volume exceeding $1 billion, driven by escalating U.S.–Iran tensions. On-chain gold tokens PAXG and XAUT both rallied while traditional gold markets were closed. Hyperliquid contributor Loracle, the largest PAXG long holder, recorded $460,000 in profits and held $8.42 million at an average entry price of $5,047. Silver prices on-chain reached $96.3 during the same period.