MYX Finance Token Soars Over 200% in 24 Hours, Becomes Top Gainer
The native token of MYX Finance, MYX, has experienced a massive surge of over 200% in the past 24 hours, emerging as the top gainer on September 9th, as reported by CryptoSlate. This impressive rally has propelled the token’s price from around $6.28 to $17.75 at the time of writing.
With this surge, MYX’s market capitalization has exceeded $2.1 billion, surpassing prominent digital assets like Algorand and securing a spot in the top 50 cryptocurrencies by market capitalization. According to data from Cryptorank, MYX’s fully diluted valuation stands at over $17.7 billion, placing it among the top 30 digital assets by this metric.
This recent bullish run has delivered staggering gains of over 18,000% since its launch, with the latest surge setting a new all-time high for the token. However, this sharp rise has also triggered a significant wave of liquidations across the crypto market, with traders betting against MYX suffering losses amounting to $48.7 million, surpassing liquidations in Ethereum and Bitcoin.
Simultaneously, the uptrend in MYX’s price has led to a more than 100% increase in derivative volumes, exceeding $11 billion and ranking it among the top five most traded tokens in the past 24 hours. This trading volume is notably higher than that of Cardano’s ADA and significantly surpasses XRP’s volume.
Market observers have expressed skepticism regarding the scale of MYX’s price growth, with some suggesting that the token’s repeated spikes may be a result of manipulation rather than genuine demand. Crypto trader Skew highlighted the occurrence of “targeted squeezes” that push MYX well above its trading range, leading to liquidations of delta-neutral strategies and consolidating supply control in a few hands.
On the other hand, some view the rally as indicative of an increasing interest in decentralized perpetuals. Comparisons have been drawn between MYX’s trajectory and that of Hyperliquid, a leading on-chain derivatives platform that has gained prominence in the market.
MYX Finance operates a decentralized perpetual exchange on the BNB Chain, utilizing a “Matching Pool Mechanism” to minimize slippage by pooling liquidity and facilitating trades across multiple blockchains. The platform has garnered over 177,000 traders, processed $95.6 billion in lifetime volume, and locked $59.3 million in total value, according to its website.
In conclusion, MYX Finance’s remarkable price surge, significant market capitalization, and growing trading volumes underscore the evolving landscape of decentralized finance and the increasing demand for innovative financial products in the crypto space.