Short liquidations worth $14.63 million intensified buying pressure, driving price momentum even higher.
MYX Finance (MYX) token has stunned the crypto market today with a jumping 135% price surge, catapulting to trade around $3.69 levels not seen in months. Today’s price jump comes after the anticipation of the upcoming V2 Protocol upgrade, with the strong trading activity, which boosted investor confidence.
So, what’s driving the rally?
The biggest reason behind the price surge is the growing excitement around MYX Finance’s forthcoming V2 upgrade, expected in the coming weeks. his new version promises features like zero-slippage trading, cross-chain support, and a smoother user experience.
If delivered, it could make MYX a strong competitor among decentralized exchanges.
Another major reason behind the surge is the massive rise in trading volume recently. Meanwhile, the 24-hour trading volume has surged over $354 million, jumping nearly 710%.
Beyond strong trading volume alone, the wider DeFi sector has been seeing renewed interest as market sentiment improves.
Recent onboarding of MYX on prominent exchanges, Binance Alpha among them, has significantly ramped liquidity and accessibility. These listings opened the doors to more investors and deeper liquidity.
Reports also show large wallets and institutions building positions ahead of the upgrade, adding extra fuel to the rally.
The sharp price surge triggered a wave of short liquidations, forcing traders to buy back tokens quickly. Data from Coinglass shows that MYX recorded $14.63 million in liquidations over the past 24 hours, with short-sellers taking the biggest hit, over $11 million wiped out.
This created a chain reaction, adding even more pressure upward and sparking retail excitement in the process.
The MYX token saw an explosive rally over the past week, jumping 215% in just seven days. However, the token price has seen a jump from $0.28 to an all-time high of $2.81, pushing its market cap to $725.9 million.
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