MYX’s Sudden Spike Sparks Whispers of Pump-and-Dump Scheme

MYX Finance (MYX) experienced a significant surge in trading activity and price movement in late August and early September, driven by a sharp increase in trading volumes and short position liquidations. According to Coinglass data, the total value of liquidated positions in the MYX perpetual contract market exceeded $46.89 million within a 24-hour period, surpassing Ethereum (ETH), which recorded $40.87 million in liquidations during the same timeframe [4]. Short positions accounted for the majority of liquidations, with $40.85 million in shorts being closed, compared to $6.04 million in long positions [4]. This imbalance highlights the bearish pressure in the market, as traders holding short positions faced margin calls as the price of MYX surged.

The price of MYX climbed to an all-time high of $3.78, representing a 167% increase in the past 24 hours, according to BeInCrypto Markets [1]. The token’s market capitalization more than doubled, reaching over $450 million, while trading volume on platforms like Bitget surged by 1,318% to $313 million [1]. Bitget accounted for 66% of the trading activity, underscoring the platform’s role in the token’s recent volatility.

The sharp price movement has raised concerns about potential manipulation. Analysts, including Dominic, noted several red flags, such as a sudden increase in perpetual trading volumes inconsistent with the project’s liquidity and size [1]. Dominic also pointed out that nearly 39 million MYX tokens were unlocked coinciding with the price spike, a pattern he described as suspicious [1]. On-chain data revealed that multiple small purchases were funneled into a central wallet across exchanges like PancakeSwap, Bitget, and Binance, suggesting coordinated buying behavior potentially aimed at inflating the token’s price.

Dominic characterized the price movement as a classic “pump-and-dump” scheme, where retail traders are left holding the token after insiders have taken profits. He cited past examples where token values surged due to artificial demand before collapsing by 60% within a week [1]. The analysis emphasized the role of thin liquidity in exacerbating price swings, with technical indicators potentially encouraging traders to enter positions during the rally.

Despite the concerns, some market observers noted limited whale activity in the MYX token, suggesting that large-scale sell-offs might not be imminent [1]. CoinWings reported no significant dumping by large holders, which may indicate that key players in the market have not yet moved to offload their holdings [1]. This could imply that the rally is not yet in its final stage, although the risks of a sudden reversal remain high.

As of the latest data, MYX traded at $3.56, having slightly pulled back from its intraday peak of $3.78. The token’s open interest on major exchanges like Binance and Bybit reached $101.6 million and $42.5 million, respectively [2]. These figures indicate strong participation from both retail and institutional traders, but also highlight the vulnerability of the market to liquidation cascades if the price were to decline sharply. The recent price movement and trading patterns suggest that the MYX market is currently in a high-risk environment, with the potential for further volatility in the near term.

Source: [1] Could MYX Finance's (MYX) Surge Signal a Pump-and- ... (https://www.mitrade.com/insights/news/live-news/article-3-1103568-20250908) [2] What is MYX Crypto? Why did MYX Price Just Blast +173%? (https://finance.yahoo.com/news/myx-crypto-why-did-myx-111950429.html) [4] Total MYX Perpetual Liquidation in 24h Surpasses $46.89 ... (https://www.weex.com/news/detail/total-myx-perpetual-liquidation-in-24h-surpasses-4689m-still-leading-the-crypto-market-161815)