MYX's Rocket Ride: WLFI's Listing Sparks Fears of a Pump-and-Dump Play

MYX Finance (MYX) has experienced a dramatic price surge of 173% following the listing of the World Liberty Financial (WLFI) token on the MYX Exchange and amid concerns of potential market manipulation. As of press time, the token traded near $6, having surged 75% on Monday alone, extending a 167% rise from the previous day. The price action has been fueled by a combination of growing market interest, strategic token unlocks, and the broader DeFi sector’s improved sentiment.

The WLFI token, associated with former U.S. President Donald Trump and his family, was listed on MYX Finance’s decentralized exchange (DEX), drawing considerable attention from both retail and institutional investors. The listing has significantly boosted MYX’s trading volume and market capitalization. According to CoinMarketCap, the 24-hour trading volume for MYX reached $637 million, pushing its market cap above $800 million and securing its position in the top 100 cryptocurrencies by market cap.

Another factor contributing to the rally is the token unlock event on Saturday, during which 39.36 million MYX tokens—representing 3.94% of the total supply—were released. This unlocking coincided with a sharp price surge, raising concerns that large investors may be attempting to offload their holdings at inflated prices. CoinGlass data shows that MYX's open interest (OI) reached a record high of $244.49 million, up from $95.15 million the previous day. Analysts have pointed out that such a sharp rise in OI may indicate increased speculative activity, which could pose risks for smaller investors.

Market analysts and on-chain observers have expressed mixed views. On one hand, the surge in trading volume and investor interest is a sign of growing recognition for MYX Finance as a competitive DEX offering features such as zero-slippage trading and cross-chain support. On the other hand, several red flags have been raised, including the unusually high liquidation of short positions, with Coinglass reporting $14.63 million in short liquidations in a 24-hour period. Web3 influencer Dominic noted patterns of small purchases converging into a central wallet across exchanges, which he interpreted as evidence of a controlled pump-and-dump strategy.

The price movement has also triggered discussions around technical indicators. The daily chart shows a sharp crossover of the Moving Average Convergence Divergence (MACD) and its signal line, accompanied by a surge in green histogram bars, indicating strong bullish momentum. The Relative Strength Index (RSI) hit 91, suggesting overbought conditions. Traders are closely watching whether MYX can break above the R5 pivot resistance at $7.15, with a potential target of $10.00 if the trend continues.

Despite the volatility and mixed signals, some analysts remain cautious but not entirely pessimistic. CoinWings reported limited whale activity, suggesting that large holders may not be aggressively dumping their tokens at the moment. However, the debate continues over whether the rally is a sustainable breakthrough or a precursor to a correction. The market awaits further developments to determine the legitimacy of the recent price surge and whether it will lead to long-term gains or a sharp reversal.

Source:

[1] Why MYX Finance Token Skyrockets 135% Today (https://coinpedia.org/news/why-myx-finance-token-skyrockets-135-today/)

[2] Could MYX Finance's (MYX) Surge Signal a Pump-and- ... (https://www.mitrade.com/insights/news/live-news/article-3-1103568-20250908)

[3] MYX takes off amid WLFI listing, token unlock (https://www.mitrade.com/insights/news/live-news/article-3-1104565-20250908)