- Myx Finance (MYX) hits $4.20 after a 160% daily surge with record trading volumes.
- Analysts have flagged token unlocks and whale-driven short squeezes as red flags.
- The Myx Finance V2 upgrade hype and new exchange listings are fueling the bullish market sentiment.
The price of Myx Finance’s native token, MYX, has surged to fresh highs, making it one of today’s top gainers in the crypto market.
The price surge comes as excitement builds around the platform’s forthcoming protocol upgrade, even as traders and analysts voice growing concerns about insider activity and manipulation.
Myx Finance token price hits new ATH
MYX climbed as high as $4.20 on September 8, marking a new all-time high and cementing its place among the day’s top gainers.
The rally has been extraordinary in scale, with the token jumping more than 160% in the past 24 hours and over 260% during the last week.
Notably, the token’s market capitalisation has risen above $520 million, while fully diluted valuation now exceeds $4 billion.
The trading activity behind the rally has also been notable.
In a single day, MYX registered more than $328 million in trading volume, a sharp increase compared to earlier in the month.
The derivatives market has been even more heated, with perpetual futures volumes reported at more than $4 billion and open interest more than doubling, according to data from Coinglass.
Together, these numbers point to speculative traders piling in, pushing leverage and volatility higher.
Hype builds around Myx Finance’s V2 upgrade
Part of the optimism stems from the upcoming launch of Myx Finance’s V2 upgrade.
The new version promises features such as zero-slippage trading, cross-chain support, and a more seamless user experience.
Supporters argue these improvements could make MYX a stronger rival to established decentralised exchanges.
Interestingly, the upgrade hype has coincided with fresh listings on larger exchanges, including Binance Alpha, which has boosted liquidity and widened access to the token.
Reports of institutional wallets accumulating MYX ahead of the update have further fueled confidence.
This combination of technical improvements and stronger market access has helped sustain bullish momentum, even as critics warn that the price is running ahead of fundamentals.
Concerns over insider activity
As the MYX token continues to rise, questions have arisen about the sustainability of the rally as several developments cause concerns.
One of the issues under scrutiny is the timing of the recent 39 million token unlock that coincided almost perfectly with the price surge, raising questions about whether early holders were using the retail rush to offload holdings.
In addition, several analysts have flagged red flags that point to manipulation.
Commentators such as Dominic, a well-followed Web3 analyst, argue that whales deliberately triggered short squeezes to push the price higher and liquidate leveraged positions.
Some people need jail time for real, today there where some questionable activities going on with $MYX Here’s a more detailed breakdown showing why $MYX looks manipulated and why traders should avoid it:
Several red flags I noticed myself that point to manipulation and insider…
— Dominic(evm/acc)💭 (@0xD0M_) September 7, 2025
In support of the concerns raised by Dominic, Coinglass’ liquidations data shows that more than $13.77 million worth of shorts were wiped out in a single day, creating forced buying pressure that exaggerated the rally.
On-chain data has also shown coordinated buying across exchanges, with multiple small trades funnelled into central wallets — a pattern consistent with wash trading.
Notably, the current occurrences mirror earlier episodes in the project’s history.
In August, MYX gained nearly 2,000% before crashing more than 60% in the weeks that followed; a pattern reminiscent of the collapse of Mantra earlier this year, when suspected insider activity triggered a sudden 90% crash in a single hour, erasing billions in value.
MYX Finance price outlook
Despite these warnings, not all data points to an imminent collapse.
Some monitoring groups have noted that whales have not yet engaged in large-scale sell-offs, suggesting they may be content to hold their positions for now.
This has lessened immediate concerns of a mass exodus, although the risk remains high.
However, for retail traders, the split in market opinion creates uncertainty.
On one hand, MYX has real momentum, with an upgrade that could expand its utility and strengthen its position in decentralised finance.
On the other hand, the heavy reliance on leveraged trading, the suspicious timing of token unlocks, and the echoes of past pump-and-dump activity mean the asset carries significant risks.
Whether the MYX price surge proves to be a sustainable breakout or a prelude to another steep correction will likely depend on how much of the current momentum is driven by genuine demand — and how much by insiders looking for an exit.
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