In just a few days, MYX.Finance’s MYX has skyrocketed by more than 1,400%, propelling the token into the top 50 cryptos. What factors could explain this craze?
MYX.Finance’s MYX soars into the top 50
In recent days, MYX Finance’s MYX token has been the best performer on the market, rising more than 1,400% in just 7 days. As a result, the asset has managed to enter the top 100 largest crypto capitalizations, ranking 48th on CoinGecko with $3.39 billion.
While the price of MYX is now close to $17.8 per unit, it was still only $0.1 on August 1, representing an increase of more than 17,000%:
Faced with such a meteoric rise, a few skeptical voices began to be heard on X, notably from the teams behind the on-chain analysis tool Bubblemaps. For example, they estimate that 1% of the token supply is concentrated in a single entity behind 100 different addresses and that MYX. Finance are not convincing:
As MYX.Finance is a decentralized exchange (DEX) for perpetuals, one of the reasons for this craze may be found in the listing of the TRUMP memecoin. This took place on September 5, just before the last leg of the rise.
On Tuesday, Binance Wallet’s X account ranked MYX as the best performing new token in recent times (the token’s token generation event (TGE) took place in May):
The reason for the bullish run at the beginning of August seems to be the listing of MYX on several platforms, including Bitget in spot trading and Bybit in perpetual trading. According to WazzCrypto, Bitget holds more than 90% of the MYX supply.
Whether this euphoria was caused by market manipulation or not, caution is still warranted, as profit-taking could occur after such a surge.
