MYX Finance Price Rockets 136%, But Red Flags Abound

Key Factors Behind the MYX Finance Price Surge

MYX Finance price has recently experienced a remarkable rally, reaching a new all-time high of $3.78. As the market deals with this sudden increase, questions arise about the reasons behind it and the potential risks involved.

Beneath this impressive rally, there are concerns about possible market manipulation. Investors must weigh the excitement of quick gains against the threat of a sudden drop.

MYX Finance Price Surges 140%

Right now, the MYX Finance token is seeing a significant increase, with its price jumping about 140% in just one day. Valued at $3.74 at press time, the MYX Finance price has also seen notable rises of 225% and 128%.

Adding to this positive trend, the 24-hour trading volume of the cryptocurrency has surged by 645%, reaching $356 million. The marketcap has also increased by 139%, now hitting $738 million. The token is currently ranked 102 on CoinMarketCap.

Why is MYX Finance Price Up Today?

Several key factors have contributed to the remarkable rise in the MYX Finance price. These include:

• V2 Protocol Upgrade: The upcoming V2 protocol upgrade will introduce features like zero-slippage trading and cross-chain support. This will significantly improve the token’s value.

• Trading Volume: The cryptocurrency’s trading volume has seen a massive spike of 645% in 24 hours. Renewed interest in the DeFi sector, along with improved market sentiment, is also driving the surge.

• Exchange Listings: Major exchange listings, including Binance Alpha, have increased liquidity and access. This has attracted more investors.

Price Surge Sparks Concerns

Despite this impressive rally, some analysts believe it may be the result of market manipulation. The token has also faced similar accusations in the past. Analysts like Dominic have raised concerns and pointed out several warning signs. He noted that a sudden increase in daily perpetual trading volumes seemed disproportionate to the project's size and liquidity. This raises suspicions about the rally’s legitimacy. His X post said,

“Over $10 million in short positions liquidated in one day, and whales intentionally pushed the price up to trigger liquidations. This creates artificial demand that disappears once the shorts are cleared or after they finish selling 1.5% of the supply scheduled for unlocking today.”

Dominic also pointed out that 39 million tokens were unlocked just as the price surged, which raises questions about the timing. He further mentioned that low liquidity can worsen price swings and suggested that technical indicators may have tempted traders into positions. Based on these observations, he concluded that the rally has signs often associated with market manipulation.

Calling it a pump-and-dump scheme, he added,

“This is a textbook pump-and-dump setup. Retail traders are the exit liquidity. The insiders have already taken profit. Last time there was an unlock, those tokens shifted in theoretical value from $3.9 million to around $59.4 million as market prices surged due to the manipulation before dropping 60% a week later."