- Myx Finance (MYX) reaches $4.20 after a 160% daily surge amid record trading volumes.
- Analysts flagged token unlocks and whale-driven short squeezes as warning signs.
- Hype around the Myx Finance V2 upgrade and new exchange listings are fueling bullish sentiment.
The native token of Myx Finance, MYX, hit new highs, making it one of today’s top performers in the cryptocurrency market.
The sharp price move comes as excitement builds ahead of the platform’s planned protocol upgrade, even as traders and analysts voice growing concerns about insider activity and market manipulation.
Myx Finance token hits a new all-time high
MYX climbed to $4.20 on September 8, marking a fresh all-time high and cementing its place among the day’s biggest gainers.
The rally was dramatic: the token rose more than 160% in the past 24 hours and over 260% during the previous week.
Market capitalization surpassed $520 million, while fully diluted valuation now exceeds $4 billion.
Trading activity behind the rally was equally notable.
In a single day, MYX recorded more than $328 million in trading volume, a sharp increase compared with earlier in the month.
The derivatives market was even busier: perpetual futures volumes topped $4 billion and open interest more than doubled, according to Coinglass data.
Taken together, these figures indicate speculative traders are piling in, increasing leverage and volatility.
Hype builds around Myx Finance V2 upgrade
Part of the optimism stems from the upcoming Myx Finance V2 upgrade.
The new version promises features such as zero-slippage trading, cross-chain support, and a more seamless user experience.
Supporters say these improvements could position MYX as a stronger competitor to established decentralized exchanges.
The upgrade hype has coincided with new listings on larger platforms, including Binance Alpha, boosting liquidity and widening access to the token.
Reports that institutional wallets were accumulating MYX ahead of the upgrade further boosted confidence.
This mix of technical enhancements and improved market access helped sustain bullish momentum, even as critics warned the price was running ahead of fundamentals.
Concerns over insider activity
As MYX continued to climb, questions arose about whether the rally is sustainable, with several developments raising red flags.
One issue under scrutiny is the timing of a recent unlock of 39 million tokens that coincided almost exactly with the price surge, prompting questions about whether early holders used retail demand as an exit opportunity.
Several analysts also pointed to signs of manipulation.
Prominent Web3 commentator Dominic noted that whales may have 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
Coinglass liquidation data supports these concerns: more than $13.77 million in short positions were wiped out in a single day, producing forced buy pressure that amplified the rally.
On-chain data also showed coordinated buying across exchanges, with many small transfers funneled into central wallets—a pattern consistent with wash trading.
Notably, current events mirror earlier episodes in the project’s history.
In August, MYX surged nearly 2,000% before collapsing more than 60% in subsequent weeks, a pattern that recalls prior pump-and-dump cycles in the broader market.
MYX price outlook
Despite these warnings, not all indicators suggest an imminent collapse.
Some monitoring groups noted whales have not yet conducted large-scale sell-offs, implying they may be holding positions for now.
That has eased immediate fears of a mass exodus, though risk remains elevated.
For retail traders, the mixed market signals create significant uncertainty.
On one hand, MYX has genuine momentum: a meaningful upgrade could expand its utility and strengthen its position in decentralized finance.
On the other hand, heavy reliance on leveraged trading, the suspicious timing of token unlocks, and echoes of past pump-and-dump behavior mean the asset carries substantial risk.
Whether MYX’s price surge proves to be a sustainable breakout or a prelude to another abrupt correction will likely depend on how much of the current momentum stems from real demand versus insider-driven activity and profit-taking.