TLDR:
- Market: MYX Finance ($MYX) surged 135% to $3.69, sending its market capitalization to $725.9M with a 24-hour volume of $354M, up 710%.
- Narrative: The MYX rally is propelled ahead of the V2 protocol upgrade with zero-slippage trades and cross-chain compatibility, driven by major exchange listings and $14.63M in short covering. Whale accumulation and FOMO lead the rally, but token unlockings and manipulation rumors bring risk.
MYX Finance ($MYX), the native token of a non-custodial DeFi derivatives exchange on BNB Smart Chain, shocked the crypto community on September 9, 2025, with a 135% gain to $3.69—a new all-time high not experienced in months. The upsurge boosted its market capitalization to $725.9M, with the 24-hr trading volume soaring to $354M, up 710%. Since last week, $MYX surged 215%, from $0.28 to $2.81 prior to today’s high, reflecting the reawakened DeFi fervor with better market sentiment.
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The rally is powered largely by excitement over the near-term V2 protocol upgrade in the coming weeks. The V2 brings zero-slippage trading, chain-agnosticism, and better usability out of the gate, making the $MYX more of a force in the decentralized exchanges space. New listings across major platforms provided added liquidity and convenience and enticed institutional and whale demand. Significant wallets building ahead of the V2 have been reported, powering the rally.
A wave of short liquidations amplified the momentum, with Coinglass data showing $14.63M wiped out in 24 hours—over $11M from shorts—creating a chain reaction of forced buying and FOMO among retail traders. This comes amid broader DeFi revival, but concerns linger over a 39M token unlock (3.9% of supply) coinciding with the spike, raising suspicions of insider manipulation or pump-and-dump schemes. Analysts note coordinated whale activity and disproportionate perpetual volumes ($6–9B daily) as red flags, echoing past controversies like Mantra’s crash. While $MYX’s innovative Matching Pool Mechanism for perpetuals supports its utility, the rally’s sustainability hinges on V2 delivery and unlock impacts. Investors should monitor whale movements and regulatory scrutiny, bracing for potential volatility in this high-stakes DeFi play.
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