MYX Finance’s native token exploded over 1,300% in early September, breaching the $18 level, raising both excitement and caution among crypto investors.
Key Takeaways:
- MYX Finance’s token soared approximately 1,240% in one week, hitting an all-time high near $17.94, driven by anticipation around its V2 launch, new listings, and derivatives activity.
- The rally triggered a massive short squeeze, liquidating tens of millions and spotlighting risks tied to limited liquidity and concentrated token holdings.
- Despite the explosive rally, concerns over manipulation, overvaluation, and sustainability are mounting amid potential distribution phases and concentrated supply dynamics.
Earlier this month of September, MYX Finance’s native token (MYX) surged nearly 1300%, climbing from modest levels until reaching $18 mark before settling around $17.78 as of this writing, with its market capitalization ballooning from under $200 million starting the month of September, to approximately $2.25 billion today, according to crypto research and data platform Messari.
MYX market capitalization reaches $2.25B, a 930%+ increase over the past month. Source: Messari.
Key catalysts behind the move include growing excitement for the platform’s V2 protocol upgrade, which promises zero-slippage trading, expanded cross-chain support, and new token listings, including WLFI. Moreover, August’s record $10.3 billion in derivatives volume and over 177,000 traders participating underscored MYX’s rising prominence among DeFi perpetual platforms.
On their official X (formerly Twitter) account dedicated for its V2 release, it announced the schedule of their launch expected today, September 10, 2025, at 10:00 PM UTC while teasing MYX airdrop.
Simultaneously, the token’s upward trajectory triggered an intense short squeeze, resulting in liquidations upwards of $48 million in a single day, even eclipsing similar events in Bitcoin and Ethereum markets. On a broader scale, CoinDesk data shows $40 million in liquidations have occurred within 24 hours, prompting scrutiny about liquidity fragility and valuation.
Analysts Sound Alarm Over Liquidity Risks and Overvaluation
Crypto analyst Skew posted on X about their skepticism on the token’s unprecedented rally, noting that MYX “traded pretty normally between $2 & $4,” but rapid climb from $4 to $8 during a targeted short squeeze raised suspicions.
Clearly in the aftermath of that move some liquidity provider or market maker got massive carried out, especially with sizable liquidations that occurred,they added.
Others raised red flags, according to on-chain reports, about the disparity between market cap and actual underlying metrics. Despite just $55 million in TVL and $5 million open interest, MYX’s fully diluted valuation of $17.7 billion suggests potential overvaluation in light of constrained float and locked supply.
MYX Trades Near $18 With Extreme Volatility
As of this writing (7:00 UTC), MYX trades at $17.78, gaining approximately 32% over the past 24 hours while achieving intraday highs near $18.47 and lows around $12.55, according to TradnigView and CoinGecko’s real-time market data.
Meanwhile, previous reports flagged RSI levels above 82, indicating overbought conditions. Trading volumes remain robust but fragile relative to market cap. Circulating supply remains limited (~197 million tokens), while over 80% of tokens are locked—creating a volatile, potentially thin float.
Outlook: From Euphoria to Caution in MYX Market
Traders should brace for increased volatility. A healthy pullback may unfold if holders begin distribution. Any forthcoming announcements on V2 rollouts, exchange listings, or fundamental enhancements could redefine sentiment. Until then, defenders of risk-adjusted strategies may be wise to tread carefully, while speculative bulls may watch for the next technical trigger.
Summary
MYX Finance’s token exploded over 1,240% in a week, hitting an all-time high near $17.94 and pushing its market cap to $2.25B. The rally was fueled by anticipation of the V2 upgrade, record derivatives activity ($10.3B in August), and new token listings. A $48M short squeeze amplified the surge, but analysts warn of liquidity fragility, limited circulating supply, and a fully diluted valuation of $17.7B versus just $55M TVL. While MYX continues trading near $18 with extreme volatility, overbought signals and concentrated holdings raise caution about sustainability.
