On-chain analytics firm Santiment flagged that PAX Gold (PAXG) daily active addresses hit an all-time high on July 6, while network realized profits surged to a five-month peak. The combination paints a clear picture: holders are locking in gains during gold’s broader rally, and more wallets than ever are engaging with the tokenized commodity.
The numbers behind the gold rush
PAXG was trading near $4,150 in early July, which might sound impressive until you remember it touched roughly $5,619 on January 29. That’s a decline of about 26% from its all-time high.
Yet the token’s market capitalization still sits at approximately $1.8 billion, backed by a circulating supply of around 452,000 tokens. Each one represents a single fine troy ounce of London Good Delivery gold, stored in LBMA-approved vaults.
The five-month high in realized profits tells us that a meaningful number of PAXG holders bought in at lower prices and are now selling into strength.