PAX Gold (PAXG)
1:1 gold-backed token. Each PAXG = 1 troy oz London Good Delivery gold.
Ranked 30th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
PAXG scores 141 of 250 across the 25-variable framework, which places it 30th of 251 rated tokens and inside the top quartile of the set. The framework verdict is HOLD.
PAXG is a top-10 name in the set on 4 variables. The score rests on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Insider Selling 8/10, 2nd of 251 and Treasury Runway 8/10, 4th of 251.
Against the same universe, PAXG sits in the bottom third on Developer Activity 3/10, 208th of 251 and Real Staking Yield 2/10, 199th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for PAXG. Price has to be justified by demand rather than absorbed against a cliff.
PAXG is 24.4% off its all-time high of $5,619, a 1.3x round trip from here.
The framework score gained 141 points against the previous pass (0 to 141). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 2 | 199th of 251 |
Supply
| Supply Inflation | 8 | 8th of 251 | |
| Vesting Schedule | 10 | 1st of 251 | |
| Circulating / FDV Ratio | 10 | 1st of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 6 | 26th of 251 | |
| Insider Selling | 8 | 2nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 7 | 20th of 251 | |
| Competitive Moat | 7 | 14th of 251 | |
| Institutional Adoption | 7 | 17th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 8 | 6th of 251 | |
| Catalyst Calendar | 3 | 158th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 8 | 4th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Gold price rally above $2,500/oz in 2025 due to Fed rate cuts and geopolitical demand.
Principal risk
Paxos trust company insolvency or loss of NYDFS BitLicense would break gold redemption peg.
Market and supply
| Price | $4,246 |
| Market cap | $1.88Brank 41 |
| All-time high | $5,61929 Jan 2026 |
| Circulating supply | 442,217 |
| Eventual supply (total supply) | 442,217 |
| Dilution to full supply | 1x |
| Listed on | Binance, Kraken, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to PAXG measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Common questions
- What is the Early Thunder score for PAX Gold (PAXG)?
- PAXG scores 141 out of 250 on the 25-variable framework, ranking 30th of 251 rated tokens (top quartile). The framework verdict is HOLD.
- What are PAXG's strongest fundamentals?
- PAXG ranks highest on Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251, Insider Selling 8/10, 2nd of 251 and Treasury Runway 8/10, 4th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the PAXG thesis?
- PAXG scores in the bottom third of the universe on Developer Activity 3/10, 208th of 251 and Real Staking Yield 2/10, 199th of 251. The single risk carried on the scorecard is: Paxos trust company insolvency or loss of NYDFS BitLicense would break gold redemption peg.
- How much PAXG supply is still to enter circulation?
- 100% of eventual PAXG supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is PAXG from its all-time high?
- PAXG trades 24.4% below its all-time high of $5,619. Returning to that high requires a 1.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to PAXG?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to PAXG are QNT (116), NMR (98), PROP (93) and STORJ (108). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for PAXG?
- Gold price rally above $2,500/oz in 2025 due to Fed rate cuts and geopolitical demand.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.