The x402 protocol token PING reached a market capitalization exceeding $32 million on October 24, GMGN data show, with the token currently trading at a $29 million market cap following an 802% increase over 24 hours and recording $13 million in trading volume. The x402 protocol, developed by Coinbase, is an open payment system enabling AI agents to autonomously execute transactions. PING minting operates similarly to inscription mechanisms from two years prior, with each mint costing approximately $1 and yielding 5,000 PING tokens upon success.