- MYX Finance surges 241% in 24 hours—market manipulation suspected.
- Analysts question MYX rally, pointing to suspicious token unlock timing.
- Whales drive MYX’s price surge-could it be a coordinated pump?
MYX Finance (MYX) has seen an explosive 241% surge in just 24 hours, hitting a new all-time high of $6.71. Such an astonishing rally has attracted much attention, though analysts are questioning the authenticity of the price movement and claiming that the market is being manipulated.
The price of MYX has shot up, driven by a fantastic explosion in the volume of trading. The daily transaction increased by 515.13% to get to $499 million, and the trading volume to market capitalization ratio was 37.61. This shows that the market is very liquid, yet it also signifies a potential bubble of speculation.
The fully diluted valuation (FDV) of MYX has swelled to $6.7 billion, and the market cap in circulation stands at $1.32 billion, indicating a substantial increase in market value.
Source: CoinMarketCap
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Speculative Frenzy or Manipulation? On-Chain Data Raises Red Flags
While the growth in trading volume and market cap is impressive, the sustainability of this rally is in question. Analysts point to the total value locked (TVL) of $31.87 million, significantly smaller than the market cap, as evidence that the spurt is probably fuelled by futures trading activities rather than actual organic on-chain activity. Additionally, the cost of the MYX has soared to nearly $1.85 to above $6.00 within a span of a few days, a move that some believe is unsustainable in the market.
On X (previously Twitter), Dominic, an on-chain researcher, noted that a spike in perpetual trading led to more than $10 million in short liquidations. He indicated that whales could have intentionally pushed the price up to execute such liquidations, a plan usually linked to market manipulation.
Also, the insider trading suspicions were raised because around 39 million MYX tokens were released as the price increased. The timing of the token unlocks, coinciding with the price spike, added fuel to the theory of a coordinated pump.
Whales, Token Unlocks, and Suspicious Market Behavior
Despite the rapid price increase, large holders of MYX have not aggressively sold off their tokens, which is another factor that has analysts questioning the rally’s authenticity.
Most of the trading has been taking place on exchanges such as Bitget, which recorded 66% of the trades, further raising the worries regarding a possible orchestrated pump. The same pattern of buying has been observed in several different exchanges, such as PancakeSwap, Bitget, and Binance, and this indicates the possibility that the surge is due to a concerted effort.
With astronomical volatility witnessed, the question that arises is whether the huge rise in the price of MYX is due to the real demand in the market or a miracle run.
With the heavy speculative interest and unusual trading behavior, only time will tell whether this explosive surge can be sustained or whether a correction is on the horizon.
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