MYX Finance (MYX) just hit a new all-time high (ATH), and I’m not sure if I should be excited or reach for my antacid.
The stock’s meteoric rise, fueled by a triple-digit rally, has split the market like a bad breakup. Some analysts say it’s all good, no whales sighted. Others, well, they’re worried it might be a classic pump-and-dump scheme. You know, the kind where you get suckered into buying something that’s about to crash like my last relationship. 😂
Why Is MYX Finance’s (MYX) Price Surging? 🤔
MYX is the native utility token of MYX Finance, a non-custodial decentralized exchange (DEX) that lets you trade perpetual contracts on the blockchain. Think of it as a casino, but for crypto nerds.
According to BeInCrypto Markets, MYX has surged 167% in the past 24 hours. Today, it hit $3.78, a new record high. As of now, it’s trading at $3.56. Not bad, right? But wait, there’s more.
“MYX did a 200% massive moon shot from the bottom!” a crypto analyst wrote. I mean, who doesn’t love a good moon shot? 🚀
The market cap doubled to over $450 million, and trading volume exploded 1,318% to $313 million. Cryptocurrency exchange Bitget accounted for 66% of the trading activity. That’s a lot of Bitgetting! 🤣
But here’s the kicker: the rapid ascent has raised some eyebrows. Some analysts think this rally is just another manipulation scheme, something MYX has been accused of before. Back in August, when the altcoin soared 1,957%, people called it a trap. A trap, I tell you! 🕸️
After the August spike, MYX lost some ground but regained momentum in September. Analysts, however, are still skeptical. Analyst Dominic, in a detailed post on X (formerly Twitter), pointed out several red flags:
“Over $10 million in short positions liquidated in one day, and Whales deliberately pushed the price up to trigger liquidations. This creates artificial demand that disappears once shorts are gone or once they are done dumping 1.5% of the supply schedule for unlock today,” Dominic posted.
He also noted that nearly 39 million tokens were unlocked as the price spiked, which seemed a bit too convenient. 🤨
“On-chain data shows multiple small buys funneled into a central wallet and identical patterns across PancakeSwap, Bitget, and Binance, which suggests just one thing: a controlled pump designed to trap retail,” he added.
Dominic emphasized that thin liquidity can amplify price swings and might have lured traders into the rally. He called it a “textbook pump-and-dump setup,” where retail traders become the exit liquidity and insiders cash out. Last time this happened, the tokens shifted in value from $3.9 million to $59.4 million, only to drop 60% a week later. Ouch! 😖
Despite these concerns, CoinWings reported limited whale activity, suggesting they might not be planning to tank the price anytime soon. So, maybe it’s not all doom and gloom. 🌞
The current data paint a confusing picture. On one hand, the trading volume and price surge indicate strong market interest. On the other hand, analysts have valid points about manipulation. The crypto community is waiting to see if this rally is a breakthrough or a setup for a big fall. Until then, the debate rages on. 📈📉
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2025-09-08 08:37