Myx Finance (MYX) Jumps 256% Despite Insider Manipulation Claims

MYX, the native asset of decentralized derivatives platform MYX Finance, has surged more than 256% in the past 24 hours. The sharp rally comes as claims of market manipulation intensify around the project.

According to data from CoinMarketCap (CMC), MYX rose on Monday to an all-time high near $7.5. This marks a seven-day rise of nearly 600% and monthly gains of close to 400%.

Trading Volume Jumps Over 60%

Alongside the price spike, trading activity has also expanded. MYX recorded $340.9 million in 24-hour volume, up 60.5% from the prior day. This signaled renewed speculation, even as the broader crypto market rose just 4.4% in price during the same period.

In comparison, other assets on the BNB Chain remained largely flat. MYX has become a focal point as both momentum and controversy grow around its market activity.

Concerns of Manipulation

The scale of the surge has led to warnings from some market participants. Commentators flagged suspicious activity that suggested wash trading, whale coordination, and forced short squeezes.

X user Dominic claimed daily perpetual trading volumes spiked to between $6 billion and $9 billion overnight. He argued that this figure far exceeded MYX’s liquidity profile and resembled inflated numbers designed to attract retail participants.

He further noted more than $10 million in short liquidations within a single day. According to Dominic, whales may have pushed prices higher to force liquidations and trap latecomers.

Concerns also extended to the timing of token unlocks. Around 39 million MYX tokens were released during the rally, prompting speculation that insiders sold into retail-driven demand.

Adding to the skepticism, on-chain analysis revealed small coordinated buys routed through a central wallet across platforms, including PancakeSwap, Bitget, and Binance. Critics suggested these flows reflected planned activity rather than organic interest.

Market conditions appeared to worsen as thin liquidity amplified volatility. Technical indicators such as the RSI and MACD showed bullish signals that may have drawn retail entries before insiders offloaded holdings.

Dominic concluded that the setup resembled a “pump-and-dump” structure. He warned that retail participants risked becoming “exit liquidity” in the current market environment.

Technical and Market Factors

While manipulation allegations spread, technical and speculative drivers also shaped the rally. For instance, indicators showed an extreme bullish momentum alongside heavy derivatives activity.

According to CMC data, MYX’s relative strength index reached 83.12, signaling an overbought condition. The MACD histogram also pointed to strong bullish divergence, while the price broke above key Fibonacci levels.

Building on these signals, analysts noted the token closed above the $7.20 level, which may support further upside. However, they cautioned that a dip in RSI below 70 could indicate a reversal.

Beyond technicals, exchange dynamics have also fueled speculation. Binance’s August 11 change in the funding rate recalculation frequency for MYXUSDT contracts resurfaced in market discussions.

The adjustment reduced costs for leveraged long positions and coincided with the recent rally. As a result, MYX perpetual futures volume climbed to $2.86 billion in 24 hours, with open interest at $88.2 million.

Speculation and Future Outlook

Momentum around MYX was also tied to social media discussions. Narratives referenced MYX Finance’s reported $9 billion derivatives volume in July 2025 and expectations for a V2 upgrade.

Those expectations have been tempered by warnings from researchers, who pointed to similarities with August’s crash, when a token unlock preceded a 58% price decline. The upcoming release has been described as offering zero-slippage features, but caution lingers.

Such concerns were reinforced by reports at the time linking venture capital group Hack VC to disposals worth $2.15 million. This created doubts over whether the current dynamics could result in another steep correction.

Overall, MYX continues to illustrate the extreme volatility that characterizes smaller-cap assets in the crypto sector. Its trajectory highlights both the opportunities for rapid price appreciation and the dangers of engineered market setups.

Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now