The MYX Finance token (MYX) has surged over 167% in just a few hours, sparking speculation in the crypto community. While some view it as a lucrative opportunity, others suspect market manipulation. Should investors embrace the excitement or proceed with caution to avoid potential risks?
MYX Finance (MYX) has recently displayed extraordinary performance, surging over 167% in just 24 hours. The token reached a new all-time high of $3.78, before stabilizing around $3.56 at the time of writing. This meteoric rise has propelled the project’s market capitalization beyond $450 million.
CoinGecko data also shows that daily trading volume has jumped by 1,318%, reaching nearly $313 million. The majority of this activity (66%) took place on the Bitget platform, a reputable cryptocurrency exchange.
However, this rapid ascent raises questions. Some crypto analysts believe this surge could be the result of market manipulation tactics, an issue previously raised about MYX Finance.
In a detailed post on X, analyst Dominic highlighted several troubling elements. He points to a substantial increase in perpetual exchange volumes that seem disproportionate to the project’s actual size and liquidity. Furthermore, he notes that nearly 39 million tokens were unlocked at the exact moment prices were soaring, a suspicious timing.
“Based on on-chain data, we can see multiple small purchases converging to a central wallet, as well as identical patterns across PancakeSwap, Bitget, and Binance. This leaves only one conclusion: this is an orchestrated manipulation designed to trap retail investors,” Dominic emphasized.
Nevertheless, other analysts report that MYX hasn’t experienced unusual activity from “whales,” with few massive sell-offs. This could indicate that major holders aren’t looking to drive down the price in the short term.
Thus, the current picture appears complex. On one hand, trading volumes and price surges demonstrate genuine market enthusiasm. But on the other, analysts raise legitimate concerns about possible manipulations.
The crypto community now waits to see whether this surge marks a sustainable breakthrough or is merely the prelude to a brutal correction. Until then, the debate about the legitimacy of this growth remains open.
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