- Myx Finance (MYX) hits $4.20 after a daily surge of 160% amid record trading volumes.
- Analysts warn of token unlocks and whale-driven short squeezes as red flags.
- Hype around the Myx Finance V2 upgrade and new exchange listings is fueling bullish market sentiment.
The native token of Myx Finance, MYX, has climbed to fresh highs, making it one of the biggest winners in today’s crypto market.
The price rally comes as anticipation builds for the platform’s upcoming protocol upgrade, even as traders and analysts raise growing concerns about insider activity and market manipulation.
Myx Finance token price hits a new ATH
MYX surged to as high as $4.20 on June 8.
The rally has been extraordinary in scale, with the token jumping more than 160% in the last 24 hours and over 260% during the past week.
Market capitalization has climbed above $520 million, while fully diluted valuation now exceeds $4 billion.
Trading activity behind the rally has also been notable.
In a single day, MYX logged over $328 million in trading volume, a dramatic increase compared with earlier in the month.
The derivatives market was even hotter, with perpetual futures volumes reported at more than $4 billion and open interest more than doubling, according to data from Coinglass.
Taken together, these figures point to speculative traders piling in and amplifying both influence and volatility.
Hype builds around Myx Finance V2 upgrade
Part of the optimism stems from the upcoming launch of Myx Finance’s 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.
Notably, upgrade hype coincided with new listings on larger exchanges, including Binance Alpha, which have increased liquidity and broadened access to the token.
Reports of institutional wallets accumulating MYX ahead of the update have further boosted confidence.
This mix of technical upgrades and wider market access has helped sustain bullish momentum, though critics warn the price may be outpacing fundamentals.
Concerns over insider activity
As the MYX token continues to climb, questions have emerged about the rally’s sustainability amid several worrying developments.
One issue under scrutiny is the timing of a recent unlock of 39 million tokens, which coincided closely with the price surge and raised concerns that early holders may have been using the retail frenzy to offload positions.
Several analysts have also flagged manipulation warning signs.
Commentators like Dominic, a well-followed Web3 analyst, claim whales deliberately triggered short squeezes to push the price up 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
Supporting concerns raised by Dominic, Coinglass liquidation data shows shorts worth more than $13.77 million were wiped out in a single day, creating forced buy pressure that exaggerated the rally.
On-chain data has also revealed coordinated buys across exchanges, with multiple small trades funneled into central wallets — a pattern consistent with wash trading.
Notably, current events echo earlier episodes in the project’s history.
In August, MYX rose nearly 2,000% before crashing more than 60% in the weeks that followed — a pattern reminiscent of prior pump-and-dump incidents in the sector, when suspected insider activity triggered sudden collapses and wiped out value.
Price outlook for MYX Finance
Despite these warnings, not all indicators point to an imminent collapse.
Some monitoring groups note that whales have not yet engaged in large-scale selling, suggesting they may be content to hold positions for the time being.
That has tempered immediate fears of a mass exit, though the risk remains high.
For retail investors, the split in market perception creates uncertainty.
On one hand, MYX has genuine momentum, backed by an upgrade that could expand 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 activity indicate material risk.
Whether the MYX price surge proves to be a sustainable breakout or the prelude to a sharp correction will likely depend on how much of the current momentum is driven by genuine demand versus insiders seeking an exit.