Myx Finance (MYX) surged to fresh best (ATH) during early Asian trading hours, emerging as the top gain of the day.
Surges fueled to triple girders gatherings are splitting market sentiments. Some analysts have not reported abnormal whale activity, while others warn that rapid profits could indicate potential manipulation.
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Why does (Myx) price for Myx Finance skyrocket?
Myx is a native utility token for Myx Finance. This is an unlawful, distributed exchange (DEX) that promotes on-chain transactions for permanent contracts.
Data from Beincrypto Markets showed that Altcoin had recorded a 167% spike in the last 24 hours. Today, the price reaches $3.78, representing the new record on Myx’s new record. At the time of press, it was traded for $3.56.
“Myx did a 200% large amount of moon shot from the bottom!” wrote a cipher analyst.
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The market capitalization has also doubled, reaching over $450 million. Additionally, Coingecko’s data showed that trading volumes pumped 1318% to $313 million. Cryptocurrency exchange bitgets accounted for 66% of trading activities.
However, the rapid rise is not without controversy. Some analysts argue that the gathering is still the result of the operation. This is also allegations Myx has faced in the past. In August, Beincrypto reported that Altcoin’s 1,957% rating attracted substantial criticism, some calling it a trap.
Coin regained momentum again in September, bringing some benefits after an explosive August rally. Still, analysts aren’t convinced that Myx’s growth is organic.
Analyst Dominic highlighted some red flags surrounding the token in a detailed post on X (formerly Twitter). He pointed to a sharp increase in perpetual daily trading volume. This appears to contradict the scale and liquidity of the project, he argued.
“A short position over $10 million in a day was liquidated, and whales intentionally pushed up prices to trigger liquidation. This creates humanitarian demand that disappears when the shorts are gone or after dumping 1.5% of today’s unlocked supply schedule,” Dominic posted.
He also noted that nearly 39 million tokens were unlocked as prices soared, with timing consistent with suspicious surges.
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“On-chain data shows multiple small purchases caught in a central wallet and identical patterns across Pancakeswap, Bitget and Binance.
Furthermore, Dominic highlighted the role of thin liquidity in amplifying price fluctuations, suggesting that technical indicators may have encouraged traders to enter positions during gatherings. Based on these observations, he characterized the event as indicating a function commonly associated with market manipulation.
“This is a textbook pump and dump setup. Retailers are outlet liquidity. Insiders are already making profits. When the last time the lock was unlocked, these tokens shifted from $3.9 million to about $59.4 million as market prices surged due to fraudulent pumps before they plunged 60% after the week.”
Despite these concerns, Coinwings reported that MYX exhibited restricted activity and that there were no major sales by whales. This indicates that they are not going to curb prices anytime soon and intend to reduce concerns about selling.
Therefore, the current data shows complex images. The surge in trading volume and prices suggests strong market interest, but analysts also raise valid points regarding the operation.
The Crypto community is waiting for further development to determine whether this rally is a prelude to a sustainable breakthrough or revision. Until then, debate about its legitimacy will persist.
