Market Makers Reeled by MYX’s Sudden, Shady Short-Squeeze Surge

More than $40 million in short positions have been liquidated as MYX Finance (MYX) experienced a sharp price surge, triggering a short squeeze that caught market makers off guard. The token surged to an all-time high of $4.48 in a 24-hour period, reflecting a 164% increase and pushing the market capitalization of the token above $880 million. This explosive rally led to a dramatic spike in open interest on perpetual futures and unprecedented trading volumes.

The sudden move has raised concerns among traders and analysts about the legitimacy of the price action, with several red flags emerging. MYX Finance's total value locked (TVL) stands at just $32 million, yet derivatives volume attributed to the protocol is estimated between $6 billion and $9 billion. This massive discrepancy has caused widespread skepticism, with many questioning whether the price surge is driven by genuine market demand or coordinated manipulation.

Several traders and analysts have pointed to suspicious timing and patterns, including token unlocks that align with sharp price increases and coordinated whale movements across multiple exchanges. These factors, combined with the simultaneous liquidation of millions of short positions, have fueled speculation that the rally may be orchestrated rather than organic. Dominic(evm/acc), a prominent crypto analyst, highlighted these concerns on social media, noting that the activity appears manipulative and advising traders to proceed with caution.

Amid the controversy surrounding MYX Finance, attention has shifted toward PEPENODE (PEPENODE), a new altcoin in presale that has attracted investor interest. PEPENODE is marketed as the world’s first "mine-to-earn" meme coin, offering users a browser-based mining simulator where they can build rigs, upgrade setups, and earn tokens in real time. This innovative approach has already raised over $850,000 in funding, with current presale prices at $0.0010491.

PEPENODE's tokenomics include a deflationary mechanism in which 70% of tokens used in mining or upgrades are burned, creating scarcity and potentially supporting price growth. Analysts from Cryptonews have highlighted the coin’s potential for 1,000x returns, emphasizing its transparency and utility-driven model as key advantages over more controversial projects like MYX Finance. With MYX facing mounting scrutiny and volatility, PEPENODE's structured and community-driven approach has positioned it as a more appealing option for investors seeking long-term value.

The broader crypto market remains in a consolidation phase, with Bitcoin fluctuating between $110,000 and $113,000, and most altcoins showing minimal movement. Despite this, the MYX Finance surge has reignited debates about price manipulation and market integrity, prompting calls for greater transparency and oversight in the crypto derivatives space.