MYX Finance (MYX) saw the price of its native asset skyrocket by 205% in the past 24 hours alone as trading volumes on Bitget seem to have exploded.
Data from CoinMarketCap indicates that this token has been silently capturing investors’ attention as MYX has accumulated a 30-day gain of 453%.
This protocol is a decentralized, non-custodial perpetual futures trading platform that does not require users to go through KYC procedures.
Its competitive edge lies in a mechanism called “Matching Pool Mechanism”, designed to minimize price slippage by using pooling liquidity. In addition, it enables trading across multiple blockchains, which makes it a potentially big competitor to the top decentralized exchange for futures at the time, Hyperliquid.
According to its latest update on September 5, MYX Finance processed weekly trading volumes of $2.2 billion and had a total value locked (TVL) of $32 million. This is just a tiny fraction of the $8 billion daily that Hyperliquid processes, but it indicates that the protocol’s innovative design is rapidly capturing traders’ attention.
Data from CMC shows that $480 million worth of MYX has exchanged hands in the past 24 hours, accounting for around a fifth of the token’s circulating supply.
Is It a Good Idea to Bet Against MYX?
The crypto community has flagged that volumes seem to be quite low to justify the magnitude of this single-day spike and argue that this jump could be primarily caused by a massive short squeeze.
Hence, they caution against trying to short the token, as the level of positive momentum is off the charts at this point.
Most of the criticism across social media has been directed at how the market can be so easily manipulated by deep-pocketed players. Tokens with low liquidity like MYX can become a target when the volume of short positions rises, as it takes relatively small amounts to trigger a price surge to squeeze short sellers out of their positions, which triggers a big jump in the price.
The permissionless nature of blockchain technology allows for this kind of manipulation, as the crypto market is large, unregulated, and not overseen by any central authority to prevent this kind of phenomenon.
Looking at the 1-hour chart, we can already see some pushback in the price action after the token hit $10, possibly as early buyers are already looking to cash out of their positions after such a strong rally.
The Relative Strength Index (RSI) in this lower time frame has hit extreme overbought levels of almost 100 and has stood at this zone for two days now, indicating the distortion caused by the latest wave of positive momentum that hit this token.
If we get a pullback from these high levels, the $7 and $4 areas would be the key demand zones to watch. Nonetheless, MYX remains a high-risk play as it is unclear if the token is rising on improving fundamentals or as a result of some sort of manipulation.
Many overnight successes like MYX will likely make the headlines during this altcoin season. One of the best crypto presales of this year, Pepenode ($PEPENODE) could be the next token to deliver this kind of eye-popping performance through a captivating mine-to-earn (M2E) that offers attractive rewards to players.
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