MYX, the native cryptocurrency of the non-custodial derivative exchange MYX Finance, is up roughly 150% today. This rally comes amid market manipulation claims about the project circulating in the market.
According to data from CoinMarketCap, MYX has surged from $0.85 to $2.12 within the last few hours. The asset is up 1,757% in the last seven days, recording monthly gains of 1,518%.
Within the last 30 days, the token’s market cap has ballooned from less than $11 million to more than $312 million, hitting all-time highs again and again. The 24-hour trading volume for MYX sits around $284.6 million.
Market Manipulation?
The pseudonymous crypto trader CryptoJoe attributed MYX Finance’s pump to the project’s involvement with the Binance ecosystem. The crypto researcher, who is also a key opinion leader on CoinMarketCap, revealed that the crypto exchange Binance listed MYX. Afterwards, the token’s futures volume surged to $6 billion – $7 billion with very little demand in the spot market.
Notably, insiders got information about the Binance listing before retail traders and anyone else, so they had the upper hand.
CryptoJoe’s post aligns with claims that MYX Finance is under market manipulation. High-leverage trader Tommy Famous took to X to warn his followers to stay away from the project. He claimed he had experienced a “classic case of crypto market abuse,” and shared the incident as a cautionary tale.
Tommy explained that MYX Finance’s market cap surging from $15 million to $200 million and pumping 10x through perpetual contracts resulted in $22 million in liquidations within a short time. Once again, retail investors were lured in and suffered the most significant losses.
The trader disclosed that two of his MYX accounts on the crypto exchange MEXC got liquidated, while another three are deep in the red. The smartest move right now, according to him, would be to reload the liquidated accounts and short MYX to zero.
“This isn’t random chaos; it’s a deliberate, orchestrated trap. The coin went from a $15M market cap to over $60M in just two days, with $7B+ in perpetual volume but hardly any genuine spot buyers. The game has evolved into algorithmic warfare controlled by exchanges and insiders – you’re essentially trading against invisible forces that set the rules,” Tommy stated.
MYX Unlocks 38M Tokens
Tommy further insisted that incidents like this are damaging users’ trust in centralized crypto exchanges. Perpetual and insider games fueled manipulative pumps in low-cap coins, causing massive liquidations that wipe out retail investors. Conversely, the “puppet masters” get richer amid intensified volatility that scares away legitimate investors.
“If you’re reading this, stay the hell away from these ‘opportunities’ – they’re pure traps. Reload if you got hit like me, short it to oblivion, and always question insane pumps,” he added.
Another crypto investor, Budhil Vyas, doubled down on the warning, saying a lot of people had already lost their funds while trading MYX on futures. He explained that whales have “cornered” the token’s supply and are manipulating the price to liquidate retail traders on both sides.
MYX Finance’s chart shows sudden swings and pumps that cause the token to experience significant fluctuations in value within a short time.
Meanwhile, about 38.99 million MYX have been unlocked today. Analysts say buying the asset has become even more risky because the new supply could increase pressure on the sell-side. The next unlock is scheduled for September 6, and it will release 63.43 million MYX into the market.
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