MYX Finance Surges 27.80% Amid Unlock Concerns

MYX Finance's latest price was $1.65, up 27.804% in the last 24 hours. MYX Finance, a decentralized perpetual exchange, has recently garnered significant attention due to its token, MYX. The token was first introduced through Binance Wallet’s 15th Exclusive TGE and was trading close to its all-time low only months ago. Its recent price spike, paired with a $272 million trading volume day, has put many on notice.

Analysts have raised concerns about the timing of the token's surge, which coincides with a 38.99 million MYX token unlock. This unlock, currently valued at close to $59.4 million, was previously worth only $3.9 million before the price increase. The suspicious timing has led many to question the legitimacy of the rally.

On-chain activity further supports the notion of possible manipulation. Six wallets allegedly stacked 6.72 million MYX with minor transactions and streamed the tokens into a single Bitget address. Additionally, whales such as Hack VC are seen leaving one of the wallets sold 445,000 MYX, and another transferred 835,000 MYX to MEXC. This coordinated activity suggests that insiders may be profiting from the price surge while leaving retail investors exposed.

Analysts are sure that this may be a pump-and-dump scheme, and insiders are profiting and leaving the retail investor exposed. PancakeSwap, Bitget, and Binance are to be highly coordinated. With a huge token unlock, suspicious wallet activity, and early movers taking profits, how long the pump will last is far from guaranteed.