Introduction to MYX Finance
The price of MYX Finance has experienced a significant surge, increasing by 13 times in just one week. However, recent on-chain data and allegations of insider trading have raised questions about the sustainability of this rally. At the time of writing, MYX Finance is trading at $17.08, representing a 31% increase in the past 24 hours and a staggering 1,320% rise over the last seven days.
Market Capitalization and Valuation
The surge in price has pushed the market capitalization of MYX Finance past $2.13 billion, with a fully diluted valuation of $17 billion. This represents a significant increase from its all-time low of $0.047, set on June 19, with the token now trading 350 times above this level.
Concerns Over Insider Trading and Sybil Behavior
On-chain analytics firm Bubblemaps has raised concerns over possible insider trading and sybil behavior. In a thread on X, the firm identified around 100 freshly funded addresses that claimed nearly 9.8 million MYX tokens, worth approximately $170 million at current prices. These wallets were all funded through OKX on April 19 at the same time and received similar amounts of BNB, later claiming MYX in near-identical patterns. Bubblemaps suggested that this could be “the biggest airdrop sybil of all time.”
Response from MYX Finance
MYX Finance has responded to these concerns by stressing its commitment to openness. The exchange noted that some addresses had been changed at user request and admitted that high-volume participants may have concentrated rewards. However, MYX Finance argued that this did not violate its principles as a decentralized perpetuals exchange.
Allegations of Questionable Activities
Web3 commentator Dominic has also raised red flags about “questionable activities” behind the rally. In a post to his 44,000 followers on X, he accused whales and insiders of orchestrating a pump-and-dump through wash trading, forced short squeezes, and coordinated buying across multiple exchanges. Dominic pointed out that MYX’s daily perpetuals volume surged to $6–9 billion, which is a disproportionate amount for a token of its size.
Technical Analysis of MYX Finance Price
The MYX price chart shows a parabolic breakout from $1.10 to a recent high of $18.37 within a week. The current levels confirm strong bullish momentum as they are well above the 20-day SMA at $3.42 and the 10-day EMA at $7.96. At 97, the relative strength index indicates that the market is significantly overbought. The commodity channel index is hovering in a reversal zone. Momentum and MACD, however, are still in buy territory, indicating that the uptrend is still strong.
Support and Resistance Levels
The $18–$20 range is emerging as resistance, while support levels are located close to $13.60 and $7.95. Given the move’s vertical nature and high RSI, a failure to hold above $15 could result in a steep correction. On the other hand, MYX may move deeper into price discovery if bulls break through $20 during the subsequent leg higher. As the situation continues to unfold, it remains to be seen whether the rally will be sustainable or if it will ultimately be engineered. For the latest updates, follow bitpulse for more information on the cryptocurrency market.