What is MYX Crypto? Why did the MYX Price Just Surge by +173%?
The digital currency associated with MYX Finance, a decentralized platform for perpetual derivatives, soared over +173% within a single day. Let’s explore the factors behind this increase.
This uptick brought its fully diluted valuation close to $3 billion, though analysts suggest that the rise might not be completely natural.
MYX Finance operates a non-custodial exchange utilizing a “Matching Pool Mechanism” to minimize slippage by consolidating available volume. It permits transactions across various blockchains, presenting a streamlined alternative to centralized futures markets. The platform emphasizes capital efficiency as a fundamental attribute.
What Caused MYX’s Price to Rise Over +173%?
The token saw a remarkable uplift, racing ahead by over +173% in just one day.
In the past 24 hours, trading volumes exceeded $250 million, primarily driven by BTC ($160 million) and Ethereum ($122 million) pairs. Lesser-known markets such as BNB ($98,000) and MYX’s own token ($41,000) experienced minimal activity.
Experts indicate that these numbers highlight a preference among investors for prominent cryptocurrencies, with smaller tokens relegated to the background.
One analyst contended that this upswing reflects a robust interest from venture capital and family offices in new perpetual DEX projects. Some even postulate that if this momentum persists, the project could aim for a $10 billion valuation.
Have you ever heard about $MYX?
It pumped to $3b FDV only because it is a perp DEX.
Their 24h volumes:
BTC: $160m
ETH: $122m
Seems like a good volumes till nowBNB: $98k (yes k)
MYX: $41k
PARTI: $46k
SKYAI: $18k
PUMP: 0 (like literally 0 lol)
WLFI: $6kQuite weird they have… pic.twitter.com/1GRJBJMxYz
— Purrteil.hl (@derteil00) September 7, 2025
Charts from Toknex indicate that funding rates on MYX perpetual contracts briefly surged to +80% before retreating to roughly -31%.
Hey hunters 👋🏻 today the $MYX become parabolic 🚀$MYX get high buying volume today on binance and Bybit and the funding rate surges
In 24h it pumped 100% and now it's facing a selling pressure on bybit and Binance
Now the price will dump and whales will make profit small… pic.twitter.com/gO33QSMElm
— Toknex (@Toknex_xyz) September 7, 2025
Such metrics indicate aggressive long positioning, suggesting that traders are heavily wagering on upward movements, often preceding a reversal.
(Source – MYX perpetual contract funding rates on Binance and Bybit – Tokenix)
Open interest soared sharply during this rally. Binance futures OI climbed to $101.6 million, while Bybit reached $42.5 million.
This rise signifies the entry of fresh capital into the trading market but also escalates the possibility of liquidation cascades if prices decline. In summary, excitement is high, but so are the risks of downturns.
(Source – MYX open interest vs. price action – Tokenix)
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MYX Price Analysis: Can MYX Price Sustain $3.00 Price floor Following its +150% Surge?
The MYX/USDT 4-hour chart illustrates a significant price breakout after several weeks of subdued trading. MYX fluctuated within a tight range of $1.20 to $1.40 from late August through early September, showing minimal movement or volume. This changed on September 7, when the coin soared from $1.40 to over $3.60 in less than an hour, marking a more than +150% increase.
At the time of writing, the MYX price trades around $3.50, just below the $3.70 peak of the session.
(Source – MYX USDT, TradingView)
The price breakout is evident: the price has advanced significantly past the 50-EMA ($1.43) and 100-EMA ($1.32), indicating robust upward momentum. Trading volume surged to 1.47 million, demonstrating strong engagement from both retail and institutional investors.
This scenario showcases a classic accumulation-to-breakout pattern. Lengthy periods of sideways trading frequently culminate in a sudden spike, occasionally fueled by short squeezes or collective buying efforts.
However, the rapid nature of this rise increases the likelihood of a pullback.
Traders are monitoring whether MYX can maintain the $3.00 mark as a new support level. If not, the price could revert to the previous range of $1.50-$2.00.
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What Are Analysts Signaling About Possible Manipulation?
There are rising concerns that the recent surge in MYX may not have been fully organic. Data from DefiLlama indicates that daily perpetual volumes fluctuated between $6 billion and $9 billion, which seems disproportionate to the token’s actual trading market size.
(Source: Perpetual Volume, DeFiLlama)
Several analysts assert that this trend may indicate potential wash trading aimed at inflating activity.
Some people need jail time for real, today there where some questionable activities going on with $MYX Here’s a more detailed breakdown showing why $MYX looks manipulated and why traders should avoid it:
Several red flags I noticed myself that point to manipulation and insider…
— Dominic(evm/acc)💭 (@0xD0M_) September 7, 2025
Based on Coinglass data, over $10 million in short positions were liquidated in a single session.
(Source: MYX Liquidation Chart, Coinglass)
Observers suspect that significant players may have intentionally driven prices higher, resulting in a cascade of forced short liquidations.
Adding to these concerns, approximately 39 million tokens were unlocked during the rally. Detractors claim that early investors took advantage of the surge to cash out while retail investors were rushing to buy.
On-chain data also indicates digital wallet movements routed through central addresses on PancakeSwap, Bitget, and Binance. To many, this appears less like natural crypto market demand and more like a deliberate strategy.
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The article What is MYX Crypto? Why did MYX Price Just Blast +173%? first appeared on 99Bitcoins.
