The token behind MYX Finance, a decentralized exchange for perpetual derivatives, surged more than +173% in a single day. Let’s dive into what’s driving this surge.
The spike pushed its fully diluted valuation close to $3Bn, but market watchers say the move may not be entirely organic.
MYX Finance runs a non-custodial exchange that uses a “Matching Pool Mechanism” to reduce slippage by pooling liquidity. It also allows trades across multiple blockchains, positioning itself as a leaner alternative to centralized futures markets. The platform highlights capital efficiency as a key feature.
How Did MYX Price Jump Over +173%?
The token has experienced a significant surge, blasting over +173% in 24 hours.
In the last 24 hours, volumes topped $250M, led by Bitcoin ($160M) and Ethereum ($122M) pairs. Smaller markets such as BNB ($98,000) and MYX’s own token ($41,000) saw little activity.
Analysts say the figures underline investor preference for major coins, while minor tokens remain on the sidelines.
One analyst argued that the rally shows a strong appetite from venture capital and family funds for new perpetual DEX projects. Some even suggested that if momentum continues, the project could target a $10Bn valuation.
https://twitter.com/derteil00/status/1964752204180373805
Charts from Toknex show that funding rates on MYX perpetual contracts briefly hit +80% before easing to around -31%.
https://twitter.com/Toknex_xyz/status/1964758520781574441
Such levels signal aggressive long positioning, a sign that traders are heavily betting on upside, and this often precedes a reversal.
(Source – MYX perpetual contract funding rates on Binance and Bybit – Tokenix)
Open interest climbed sharply during the rally. Binance futures OI rose to $101.6M, while Bybit reached $42.5M.
The increase shows fresh capital entering the market, but also raises the risk of liquidation cascades if prices turn lower. In short, enthusiasm is high, but so is the downside risk.
(Source – MYX open interest vs. price action – Tokenix)
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MYX Price Analysis: Will MYX Price Hold $3.00 Support After Its +150% Breakout?
The MYX/USDT 4-hour chart reveals a decisive breakout after weeks of calm trading. MYX stayed in a narrow band between $1.20 and $1.40 from late August through early September with little movement or volume. That changed on September 7, when the token shot from $1.40 to above $3.60 within an hour, a more than +150% surge.
When writing, MYX price trades near $3.50, just under the $3.70 session high.
(Source – MYX USDT, TradingView)
The breakout is clear: price has moved well above the 50-EMA ($1.43) and 100-EMA ($1.32), signaling strong upward momentum. Trading volume jumped to 1.47M, showing heavy participation from retail and institutional players.
This setup reflects a textbook accumulation-to-breakout move. Long periods of sideways trading often end with a sudden spike, sometimes driven by short squeezes or coordinated buying.
Still, the vertical nature of the rise raises the chance of a pullback.
Traders are watching whether MYX can hold $3.00 as new support. A failure to do so could send the price back toward the earlier range of $1.50-$2.00.
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Why Are Analysts Warning of Manipulation?
Concerns are growing that MYX’s latest rally may not have been entirely organic. DefiLlama data shows daily perpetual volumes jumping between $6Bn and $9Bn, which is out of line with the token’s actual market size.
(Source: Perpetual Volume, DeFiLlama)
Some analysts say the pattern suggests possible wash trading designed to exaggerate activity.
https://twitter.com/0xD0M_/status/1964725748687901053
According to Coinglass data, more than $10M in short positions were wiped out in one session.
(Source: MYX Liquidation Chart, Coinglass)
Observers believe large players may have pushed prices higher on purpose, triggering a wave of forced short squeezes.
Adding to the unease, roughly 39M tokens were unlocked during the rally. Critics argue that early holders used the surge to cash out while retail buyers rushed in.
On-chain activity also shows wallet flows being funneled through central addresses on PancakeSwap, Bitget, and Binance. To many, that looks less like natural demand and more like a coordinated move.
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