MYX Finance is trading at $17.08 at press time, marking a 31% gain in the past 24 hours and an astonishing 1,320% surge over the last seven days. The rally has pushed its market capitalization past $2.13 billion, with a fully diluted valuation of $17 billion. The token now trades roughly 350 times above its all-time low of $0.047, set on June 19.
Bubblemaps flags $170M airdrop cluster
Despite the explosive gains, on-chain analytics platform Bubblemaps has flagged potential insider trading and Sybil activity. In a Sept. 9 thread on X, the firm identified about 100 newly funded addresses that collectively claimed nearly 9.8 million MYX tokens—around 1% of the total supply—worth approximately $170 million at current prices.
Several of these wallets were funded simultaneously through OKX on April 19, received similar amounts of BNB, and later claimed MYX tokens in nearly identical patterns. Bubblemaps described the activity as potentially “the biggest airdrop Sybil of all time.”
MYX Finance responded by emphasizing its commitment to transparency, noting that some addresses had been modified at users’ requests. The exchange acknowledged that high-volume participants may have concentrated rewards but maintained that this did not breach its principles as a decentralized perpetuals platform.
Insider trading allegations resurface
On Sept. 7, Web3 commentator Dominic flagged “questionable activities” behind the MYX rally. In a post to his 44,000 followers on X, he suggested that whales and insiders might have orchestrated a pump-and-dump through wash trading, forced short squeezes, and coordinated buying across multiple exchanges.
Dominic highlighted that MYX’s daily perpetuals volume surged to $6–9 billion—an unusually high figure for a token of its size. Trading trends on Bitget, PancakeSwap, and Binance mirrored this spike, and over $10 million in short positions were liquidated in a single day.
The allegations coincided with a major unlock event releasing nearly 39 million MYX tokens into circulation. Analysts are questioning whether the price surge is sustainable, with speculation that insiders could be capitalizing on the rally to offload holdings into retail-driven demand.
MYX Finance price technical analysis
The MYX price chart shows a parabolic breakout from $1.10 to a recent high of $18.37 within just a week. Current levels indicate strong bullish momentum, trading well above the 20-day SMA at $3.42 and the 10-day EMA at $7.96.
The relative strength index (RSI) stands at 97, signaling that the market is heavily overbought. Meanwhile, the commodity channel index (CCI) is hovering in a potential reversal zone. Momentum and MACD indicators remain in buy territory, suggesting that the uptrend still retains strength.
Resistance is forming in the $18–$20 range, while key support levels sit near $13.60 and $7.95. Given the sharp, vertical nature of the recent move and the elevated RSI, a failure to hold above $15 could trigger a significant correction. Conversely, if bulls manage to push past $20, MYX could continue its upward trajectory into deeper price discovery.
