MYX, the token native to the decentralized perpetual exchange MYX Finance, experienced a dramatic 20-fold increase in value in August, reaching a new all-time high (ATH).
However, this rapid rally has raised red flags among industry experts, who are cautioning about the potential for a rug pull as a significant token unlock looms.
MYX Price Jumps 1957%, Market Cap Skyrockets Over $200 Million
The MYX token was launched in early May through Binance Wallet’s 15th Exclusive Token Generation Event (TGE), conducted via PancakeSwap. After its launch, the token secured listings on Binance Alpha, MEXC, Bitget, and more.
The price action remained quite volatile, and the altcoin hit an all-time low on June 19. However, in August, MYX saw explosive growth.
BeInCrypto Markets data showed that the token’s value has appreciated by around 1957% since the beginning of the month. It went from around $0.104 to an all-time high of over $2 yesterday.
After the record peak, MYX shed some of its gains to trade at $1.67 at press time. Still, it was up 125% over the past day, making it the top daily gainer on CoinGecko. MYX’s market cap has also pumped from nearly $15 million to over $200 million.
Furthermore, there was a significant surge in market activity, with trading volume more than doubling within a single day to reach $272 million.
Is MYX the Next Big Thing, or Just Another Pump-and-Dump in Disguise?
Nonetheless, MYX’s growth has not been well received by market observers.
A prominent on-chain analyst highlighted that the situation surrounding MYX involves significant price manipulation and strategic trading.
“One-sentence summary — The market maker is suspected of buying on the Pancake chain, manipulating spot trading on Bitget, and simultaneously coordinating futures on Binance,” the post read.
The analyst revealed that six major addresses made over 2,240 small transactions earlier this week, purchasing 6.72 million MYX (worth about $3.924 million). The addresses deposited the holdings into a single Bitget address (0x030…57b2B). The accumulating wallets were:
- 0x0e1b19fcb76165120ab6fa9bd8be9062849427f1
- 0xe5ada4ffebdffe51c44389d79d61739d11a0b858
- 0xcf7d3acab025eb35f958e29423624ca0cb7730c7
- 0x90b8328962ba55e406fbbd52fda484201f60431b
- 0x9e6deda3ed0dd5bc2fcec855726560f4e5ef23cb
- 0x52d3d55a9c94282ddf08a0216dd890693ff5fc60
According to the analyst, trading volumes on PancakeSwap and Bitget were nearly identical. In comparison, Binance’s contract trading saw a massive $4.97 billion in 24-hour volume, with a funding rate of -2%, which could suggest that traders were betting on the price decline.
The post further drew attention to MYX’s token unlock. Today, the network will release 38.99 million tokens, with 30 million MYX allocated to Binance Wallet Airdrop and the rest to airdrops and bounty.
“Before the surge, these 38.99 million MYX were worth only $3.9 million, but now they are valued at a whopping $59.42 million. Of course, we can’t rule out the possibility that the price was pumped for the unlock, as funds can only exit during an uptrend,” the analyst noted.
In another post, the analyst stressed that today, Hack VC, an investor in MYX Finance, received 1,279,890 MYX (worth $2.157 million) from an airdrop and transferred it to two addresses.
One of the addresses sold 445,000 MYX at an average price of $1.68, and another has transferred 835,000 MYX to MEXC at a deposit price of $1.77. These actions suggest that the parties involved were likely taking profits.
Meanwhile, other market watchers shared similar concerns. Tommy accused MYX of being involved in market manipulation.
“This isn’t random chaos; it’s a deliberate, orchestrated trap. The coin went from a $15 million market cap to over $60 million in just two days, with $7 billion+ 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,” he emphasized.
Moreover, Tommy noted that these manipulative practices erode trust in the centralized exchanges.
“These manipulative pumps in low-cap coins… fueled by perps and insider games… lead to massive liquidations, wiping out retail while enriching the puppet masters. It amplifies volatility, scares away legitimate investors, and gives ammo to regulators looking to crack down,” he remarked.
Lastly, the analyst warned others to avoid such ‘opportunities,’ calling them ‘pure traps.’ As new supply enters the market, investors will closely monitor how the price of MYX reacts. Whether the recent rally is a result of a pump-and-dump scheme or an organic movement will be determined in the coming days.
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