MYX Finance (MYX) has staged one of the most dramatic rallies in the crypto market this month, climbing nearly 1,320% in seven days to trade around $17.08 at press time. The token reached a high of $18.42 on Sept. 11, pushing its market capitalization above $2.13 billion and its fully diluted valuation to $17 billion, according to CoinMarketCap data.
The parabolic surge has drawn both speculative enthusiasm and serious concerns from on‑chain investigators and market commentators.
Bubblemaps flags potential $170M airdrop cluster
On‑chain analytics firm Bubblemaps alleged the MYX airdrop distribution may have been compromised by insider or sybil activity. In a Sept. 9 X thread, it identified about 100 newly created wallets that collectively claimed 9.8 million MYX tokens, worth roughly $170 million at current prices.
Bubblemaps said the wallets:
- Were funded through OKX on April 19 at the same time.
- Received similar amounts of BNB.
- Claimed MYX rewards in identical patterns.
The firm described it as “potentially the biggest airdrop sybil of all time.”
MYX Finance responded in a statement stressing its principles of fairness and openness, while acknowledging that some addresses had been altered at user request. It said high‑volume participants may have concentrated rewards, but argued this does not violate its design as a decentralized perpetual exchange.
$5B in Volume traded on $MYX on Binance Perps
— HodlFM Team (@Hodl_fm) September 8, 2025
This is bigger than $ETH, $BTC & $SOL combined 🤣 pic.twitter.com/aigASLTyla
Catalysts fueling the rally
Several events and dynamics helped fuel MYX’s explosive price move:
- WLFI Listing: On Sept. 5, MYX Finance announced support for the token of World Liberty Financial (WLFI), a project linked to former U.S. President Donald Trump. The association drew speculative demand into MYX’s ecosystem.
- Binance Alpha promotion: MYX’s airdrop was highlighted by Binance Alpha as the top‑performing new token event, further boosting retail awareness and FOMO. Early users reportedly saw allocations skyrocket in value.
- Perpetuals activity: Data from CoinGlass showed MYX’s open interest surpassing $400 million while daily perpetuals volume hit $6–9 billion. From Sept. 6 to Sept. 10 alone, $89.5 million in short positions were liquidated versus $23.4 million in longs, creating a cascade of forced buybacks that accelerated the pump.
Whales and unlock event raise suspicion
Critics like Web3 analyst Dominic flagged abnormal trading patterns across Binance, Bitget, and PancakeSwap. He suggested large players were orchestrating a short squeeze, coordinating liquidity to trigger outsized moves.
Adding to the unease, the rally coincided with a major token unlock of nearly 39 million MYX, leading some analysts to suspect insiders may have used the wave of retail enthusiasm to exit positions at inflated prices.
Technical analysis paints overbought picture
TradingView data shows MYX erupted from $1.10 to $18.37 in a week, far above technical averages. Indicators include:
- RSI near 97 is considered extremely overbought.
- CCI in reversal zone.
- MACD and momentum – still bullish, confirming trend strength.
Resistance is noted around $18-$20, with immediate support near $13.60 and deeper support at $7.95. If prices fail to hold $15, analysts warn of a potential retracement of 70-85%, which could push MYX back into the $2-5 range.
About MYX Finance
MYX is a decentralized perpetual exchange that uses a proprietary system called the Matching Pool Mechanism (MPM) to pair long and short trades, aiming for near‑zero slippage without a central order book. The platform offers USDC‑margined contracts at up to 50x leverage and relies on a dual‑oracle system for pricing.
Editorial perspective
MYX Finance’s meteoric rise is the latest reminder of crypto’s capacity for rapid wealth creation and destruction. The combination of a Trump‑linked listing, exchange promotions, derivative‑driven short squeezes, and unusually high perpetuals liquidity suggests much of the rally may be speculative froth.
On‑chain concerns from Bubblemaps about airdrop clustering, combined with large token unlocks, raise valid questions about distribution fairness and sustainability. Technicals also confirm an overheated market.
In our view, MYX is a fascinating case study in how quickly catalysts can snowball in DeFi. But unless trading volumes normalize and concerns of insider activity are addressed, this rally risks being remembered less as organic growth and more as another fleeting parabolic crypto run.
Anastasiia G
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