MYX Finance (MYX) exploded to a new all-time high of $6.71 in early Asian trading, rallying over 241% in just 24 hours. The surge was backed by a massive 515% increase in trading volume, but a closer look at the on-chain data is raising serious questions about whether the move is a sustainable rally or a coordinated, insider-driven pump.
Data placed the project at a fully diluted valuation (FDV) of $6.7 billion, with the circulating market cap aligned to the unlocked value of $1.32 billion.
Trading volume also rose. Daily transactions totaled $499 million, marking a 515.13% increase compared with the prior day. The ratio of trading volume to market capitalization stood at 37.61%, reflecting a highly liquid market environment.
The project’s total value locked (TVL) is measured at $31.87 million. When compared to the market cap, the 41.63 market cap/TVL ratio showed that futures demand outweighed on-chain protocol usage. Analysts noted that the supply stood at 1 billion tokens, with momentum accelerating from a price near $1.85 on September 7 to above $6.00 a day later.
This upward move showed strong inflows of capital and intensified late-session buying pressure. Similar activity was also seen in August, when MYX appreciated 1,957% before correcting.
The legitimacy of the surge is now being questioned by on-chain researchers.
Researcher Dominic reported on X (formerly Twitter) that daily perpetual trading volumes rose, leading to more than $10 million in short liquidations. He pointed to whales actively pushing the price to trigger these liquidations, labeling the pattern as consistent with market manipulation.
Dominic also cited the suspicious timing of token unlocks. Nearly 39 million tokens entered circulation as prices spiked, a move he suggested aligned with insider-driven strategies. His review highlighted identical buying patterns across PancakeSwap, Bitget, and Binance, which he described as resembling a coordinated pump.
Data from CoinGecko showed that trading volume surged by 1,318% to $313 million, with Bitget accounting for 66% of trades. Despite suspicions, CoinWings no major whale sell-offs, meaning that large holders had not exited positions aggressively.
The debate around MYX continues. While the data shows strong market activity and high value growth, analysts remain unclear over whether these gains reflect sustainable demand or orchestrated trading behavior.
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