MYX Finance price surged to a new all-time high, but traders are raising alarms about possible insider activity behind the rally.
Summary
- MYX’s sharp rally is fueled by surging derivatives activity, with billions flowing into perpetuals and open interest doubling.
- The timing of a 39 million token unlock has fueled suspicions of insider selling into retail demand.
- Community voices warn this may be a coordinated pump-and-dump, echoing patterns seen in Mantra’s collapse earlier this year.
The token traded at $3.68 on Sept. 8, up 135% in the past 24 hours and 214% over the past week. The sharp rise pushed MYX Finance (MYX) to a seven-day range of $0.984 to $3.78, with trading volumes soaring alongside.
In the past 24 hours alone, MYX registered $314.9 million in spot volume, an 829% increase from the day before. Activity in the derivatives market also increased. Perpetual futures volume rose 2,345% to $4.23 billion, according to Coinglass data, while open interest surged 138% to $262.1 million.
These numbers point to both increased market leverage and increased speculative trading. Rising open interest typically signals new positions rather than simple position closing, pointing to traders aggressively chasing the rally. But this also makes the token susceptible to volatility shocks and forced liquidations.
Allegations of insider manipulation
Concerns about the sustainability of the rally surfaced after Web3 commentator Dominic flagged what he described as “questionable activities” to his 44,000 followers on X on Sept. 7. His breakdown accused whales and insiders of orchestrating a pump-and-dump through wash trading, forced short squeezes, and coordinated buying across exchanges.
Dominic claims that the daily perpetuals volume suddenly jumped to $6–9 billion, which is out of proportion for a token of MYX’s size. Identical trading patterns across Bitget, PancakeSwap, and Binance indicated coordinated whale activity, and over $10 million in shorts were liquidated in a single day.
MYX Finance price rallies despite token unlock
The timing coincided with a major token unlock. Nearly 39 million MYX tokens entered circulation just as the price spiked, allowing early insiders to offload holdings into retail demand. The combination of unlocks and surging derivatives interest is fueling suspicion that the rally has less sustainable momentum and more engineered liquidity.
“These tactics create artificial demand that vanishes once insiders exit,” Dominic wrote, adding that retail traders are being used as exit liquidity.
The concerns mirror April’s Mantra (OM) crash, when OM plunged 90% in an hour after suspected insider token movements. That event wiped out $5.5 billion in market cap and sparked allegations of cross-exchange manipulation, later forcing the project to announce a token burn to restore confidence.