Introduction to MYX Finance Price Surge
MYX Finance price has surged to a new all-time high, prompting traders to raise alarms about possible insider activity behind the rally. The token’s price traded at $3.68 on Sept. 8, marking a significant increase of 135% in the past 24 hours and 214% over the past week.
Trading Volumes and Market Activity
The sharp rise in MYX Finance’s price pushed it to a seven-day range of $0.984 to $3.78, with trading volumes soaring alongside. In the past 24 hours alone, MYX registered $314.9 million in spot volume, an 829% increase from the day before. Activity in the derivatives market also increased, with perpetual futures volume rising 2,345% to $4.23 billion, according to Coinglass data, while open interest surged 138% to $262.1 million.
Increased Market Leverage and Speculative Trading
These numbers point to both increased market leverage and increased speculative trading. Rising open interest typically signals new positions rather than simple position closing, pointing to traders aggressively chasing the rally. However, this also makes the token susceptible to volatility shocks and forced liquidations, which can have significant impacts on the market.
Allegations of Insider Manipulation
Concerns about the sustainability of the rally surfaced after Web3 commentator Dominic flagged what he described as “questionable activities” to his 44,000 followers on X on Sept. 7. His breakdown accused whales and insiders of orchestrating a pump-and-dump through wash trading, forced short squeezes, and coordinated buying across exchanges. Dominic claims that the daily perpetuals volume suddenly jumped to $6–9 billion, which is out of proportion for a token of MYX’s size.
Coordinated Whale Activity
Identical trading patterns across Bitget, PancakeSwap, and Binance indicated coordinated whale activity, and over $10 million in shorts were liquidated in a single day. This raises suspicions about the true nature of the price surge and whether it is driven by genuine market demand or artificial manipulation. As reported on bitpulse, such activities can have far-reaching consequences for the cryptocurrency market.
Token Unlock and Suspicions of Engineered Liquidity
The timing of the price spike coincided with a major token unlock, with nearly 39 million MYX tokens entering circulation. This allowed early insiders to offload holdings into retail demand, fueling suspicion that the rally has less sustainable momentum and more engineered liquidity. The combination of unlocks and surging derivatives interest is creating artificial demand that vanishes once insiders exit, according to Dominic.
Parallels with Previous Market Events
The concerns mirror April’s Mantra (OM) crash, when OM plunged 90% in an hour after suspected insider token movements. That event wiped out $5.5 billion in market cap and sparked allegations of cross-exchange manipulation, later forcing the project to announce a token burn to restore confidence. Similarly, the current situation with MYX Finance raises questions about the role of insiders and the potential for market manipulation.
Conclusion
As the cryptocurrency market continues to evolve, it is essential to remain vigilant about potential manipulation and insider activities. The surge in MYX Finance’s price, while significant, must be viewed with caution, and traders should be aware of the risks associated with increased market leverage and speculative trading. For the latest updates and analysis, follow bitpulse for in-depth coverage of the cryptocurrency market.