Whales, WLFI, and a V2 Upgrade: The Forces Fueling MYX’s Volatile Rise

MYX Finance (MYX), the native token of the decentralized exchange MYX Exchange, experienced a dramatic surge, temporarily rising above $16.4 and recording a 24-hour gain of 323%. The price rally has drawn attention to the token’s rapid ascent, fueled by a combination of factors including the listing of the World Liberty Financial (WLFI) token, a forthcoming V2 upgrade, and a wave of short liquidations that intensified buying pressure. The WLFI token, affiliated with former U.S. President Donald Trump and his family, was listed on the MYX Exchange, contributing to heightened market interest and a significant increase in trading volume.

The surge in MYX’s price has been accompanied by a notable increase in open interest, reaching a record high of $244.49 million as of the latest data. This reflects growing trader participation but has also raised concerns about the potential for a pump-and-dump scenario. Analysts and influencers have pointed to the large token unlocks—specifically, 39.36 million tokens accounting for 3.94% of the supply—coinciding with the price spike, which has led to speculation that large investors may be orchestrating a bullish trap to offload their holdings at higher prices.

MYX’s explosive growth has also seen its market capitalization surpass $800 million, with 24-hour trading volume reaching $637 million. The token has entered the top 100 cryptocurrencies by market capitalization, a milestone attributed to the newfound demand driven by WLFI’s listing and the broader narrative of decentralized trading innovation. The MYX Exchange itself has gained recognition, emerging as one of the finalists in the Binance Chain Awards on August 27 among rising decentralized exchanges.

However, the rapid rise has not been without red flags. The token’s Relative Strength Index (RSI) has entered overbought territory, reading at 91, which typically signals a potential correction. Additionally, concerns over market manipulation have emerged, with some analysts and influencers suggesting that the rally may not be entirely organic. Web3 influencer Dominic noted on X that small purchases from exchanges such as PancakeSwap, Bitget, and Binance were consolidating into a central wallet, raising further suspicions of coordinated activity.

The MYX price surge has also been driven by anticipation of the V2 upgrade, expected to introduce features such as zero-slippage trading and cross-chain support. This upgrade has sparked investor confidence and positioned MYX as a potential leader in the decentralized exchange space. The upgrade’s expected release in late September 2025 has been compared to the trajectory of Hyperliquid in 2024, a key player in the DeFi market. Additionally, short liquidations have contributed to the price momentum, with $14.63 million in liquidations reported in the past 24 hours, according to CoinGlass data.

Despite the bullish momentum, caution is advised as the market absorbs the recent developments. The token’s price has seen significant volatility, and the risk of a reversal remains, especially if the price retraces below key support levels. Market participants are closely monitoring the situation, with some predicting a potential pullback to the $1 level if whales begin selling for profit. As the MYX token continues to navigate its price discovery phase, the interplay of market sentiment, trading volume, and underlying fundamentals will be critical in determining the sustainability of its current trajectory.

Source: [1] Why is MYX Finance rallying today? (https://www.fxstreet.com/cryptocurrencies/news/myx-finance-price-forecast-myx-takes-off-amid-wlfi-listing-token-unlock-202509081107) [2] MYX Finance Price: MYX Live Price Chart, Market Cap & ... (https://www.coingecko.com/en/coins/myx-finance) [3] Why MYX Finance Token Skyrockets 135% Today (https://coinpedia.org/news/why-myx-finance-token-skyrockets-135-today/) [4] What is MYX Crypto? Why did MYX Price Just Blast +173%? (https://finance.yahoo.com/news/myx-crypto-why-did-myx-111950429.html) [5] MYX Finance Token Soars 270% in 24 Hours, But Red ... (https://coingape.com/trending/myx-finance-token-soars-270-in-24-hours-but-red-flags-emerge-what-to-know/)