Myx, the token, a decentralized, permanent exchange Myx Finance atom, experienced a dramatic 20x increase in value in August, reaching the new all-time high (ATH).
However, the swift rally has raised a red flag among industry experts, warning about the possibility of pulling the rug as an unlocked loom for important tokens.
Myx Price Jumps 1957%, Skyrocket with market capitalization of over $200 million
The Myx Token was launched in early May through Binance Wallet’s 15th Exclusive Token Generation Event (TGE). After its release, the tokens secured a list of Binance Alpha, MEXC, Bitget and more.
Price action is extremely unstable, with Altcoin reaching its all-time low on June 19th. However, in August, Myx saw an explosion of growth.
Data from Beincrypto Markets showed that the value of the token has been highly valued at around 1957% since the beginning of the month. Yesterday, it went from about $0.104 to an all-time high of over $2.
After the record peaked, Myx dropped some of its profits to trade at $1.67 at press. Still, it was an everyday winner at Coingecko, as it had grown by 125% in the past days. Myx’s market capitalization ranges from nearly $15 million to over $200 million.
Furthermore, market activity surged significantly, doubling within a day to reach $272 million, trading volume doubled.
Is Myx the next big thing, or another pump and dump in disguise?
Nevertheless, Myx’s growth has not been well received by market observers.
A well-known on-chain analyst emphasized that the situation surrounding MYX includes important price manipulation and strategic transactions.
“One Sentence Overview – Market makers are suspected of buying at pancake chains, manipulating spot trading at Bitget, and simultaneously adjusting future adjustments regarding vinance,” the post read.
Analysts revealed that six key addresses had made more than 2,240 small transactions earlier this week, and purchased 6.72 million MYX (worth around $3.924 billion). The address was deposited to a single bitget address (0x030…57b2b). The accumulated wallets are as follows:
0x0e1b19fcb76165120ab6fa9bd8be9062849427f1 0xe5ada4ffebebdffe51c44389d79d79d739d11a0b858 0xcf7d3acab025eb355f958e2942362444236244236244236244236244236244236244236244236244236244236244230423330 0x90B8328962BA55E406FBBD52FDA484201F60431B 0X9E6DEDA3ED0DD5BC2FCEC855726560F4E5EF23CB 0x52D3D55A9C94282DDF08A0216DD890693FF5FC60
According to analysts, Pancakeswap and Bitget traded volumes were roughly the same. In comparison, Binance’s contract trading has a massive amount of $4.97 billion over a 24-hour volume, with a funding rate of -2%, suggesting that traders are betting on a price decline.
This post attracted even more attention on unlocking Myx tokens. Today, the network has released 38.99 million tokens, with 30 million Myx being allocated to Binance Wallet Airdrops, and the rest being allocated to Airdrops and Bounty.
“Before the surges, these 38.99 million Myx were worth just $3.9 million, but are now valued at a whopping $59.42 million. Of course, we cannot rule out the possibility that the price of the unlock was pumped out, as funds can only be left out when they are leaving,” the analyst said.
In another post, the analyst highlighted that MYX Finance investor Hack VC received 1,279,890 Myx (valued by $2.157 million) from Airdrop and forwarded it to two addresses.
One of the addresses sold 445,000 Myx for an average price of $1.68, while the other transferred 835,000 Myx to MEXC at a deposit price of $1.77. These actions suggest that stakeholders are likely to be profitable.
Meanwhile, other market watchers shared similar concerns. Tommy accused Myx of being involved in market manipulation.
“This isn’t a random mess. It’s an intentionally organized trap. The coins went from $15 million to over $60 million in just two days, with a permanent volume of over $7 billion, but few real spot buyers.
Furthermore, Tommy noted that these operating practices erode trust in centralized exchange.
“These operating pumps of low cap coins are fueled to Perps and Insider games… leading to massive liquidation, wiping retail while enriching doll masters. It amplifies volatility, scares legitimate investors, gives regulators ammunition, calls for crackdowns.
Finally, the analyst warned others to avoid such “opportunities” and call them “pure traps.” Once new supply enters the market, investors will closely monitor how Myx prices respond. Whether the recent gathering is the result of a pump-and-dump scheme or an organic movement will be decided in the coming days.
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