MYX Finance (MYX) Hits Record Highs, But Analysts Warn of Mantra (OM) Playbook Repeat
MYX Finance’s native token, MYX, continued its record-breaking rally at present, surging almost 279% over the previous 24 hours.
The triple-digit rise has finished little to alleviate investor issues. Many are drawing parallels to the collapse of MANTRA (OM) and concern an identical destiny for MYX.
Is MYX Finance (MYX) The Next Mantra (OM)?
BeInCrypto reported that the MYX token pumped 1,957% in early August earlier than experiencing some volatility. Yesterday, the coin appreciated by one other 167%, and at present reveals an identical development.
According to BeInCrypto Markets information, the altcoin reached a new all-time high. Its worth rose almost 279% up to now 24 hours, making it the top each day gainer within the crypto market. The newest leap brings its complete month-to-month positive aspects to 893%.
The challenge’s market capitalization now exceeds $2 billion. However, in line with DefiLlama data, its complete worth locked (TVL) is at simply $32 million.
This raises issues about potential overvaluation driven by concern of lacking out (FOMO) slightly than underlying demand.
“MYX Finance has gone off the charts, over 200x from the underside. Looks like a transparent case of manipulation when a challenge with little / no exercise is sitting at a market cap of $2.5 billion,” an analyst posted.
Moreover, many market watchers additionally concern that MYX could collapse like MANTRA (OM) did earlier this 12 months. An analyst prompt that MYX’s buying and selling sample closely resembles OM’s rally final 12 months.
It was marked by sharp positive aspects that shortly propelled it from outdoors the highest 150 market cap into the highest 50 and past, adopted by a steep decline.
“You guys can check out OM, it’s the identical playbook, pumping as much as round 9, then crashing onerous. At first OM claimed it was nonetheless a workforce effort, however later it was came upon to be operated by Chinese people, the Shenzhen crew. Not positive if this MYX can also be operated by Chinese people,” the analyst said.
Another crypto analyst noticed that MYX’s latest surge could not mirror retail investor momentum, however slightly deliberate market management by the challenge workforce.
“Almost nobody is exhibiting off their worthwhile trades; as a substitute, the display screen is full of shorts screaming in ache. Why? Because retail buyers didn’t get any of the meat in any respect; those calling for shorts are literally fairly near the challenge workforce,” he remarked.
According to the evaluation, the workforce is reclaiming airdropped tokens, driving costs as much as drive accumulation, then promoting on the high to shake out retail earlier than shopping for again at decrease ranges. The analyst prompt that the final word objective is to dominate provide and revenue from volatility as soon as contracts are listed, turning futures buying and selling into their actual income supply.
“The big run-up in MYX isn’t the end result of sudden market consensus, however a mix of token accumulation by the challenge and profit-taking by way of contracts. With Binance futures concerned, volatility itself turns into a money-printing machine — and the script already hints at who wins and who loses,” the analyst concluded.
How MYX Became a ‘Volume Powerhouse’ Amid Skepticism
Meanwhile, it’s price noting that MYX Finance won the ‘Volume Powerhouse’ title on the BNB Chain Awards yesterday.
“The perps trade MYX Finance is gaining severe traction with over $2 billion in weekly buying and selling quantity. Opportunities in all places, you simply want the best eyes!” Whale Coin Talk added.
This has once more attracted quite a bit of scrutiny. Perpetual futures (Perp) quantity information from DefiLlama indicated a major shift in MYX’s buying and selling exercise.
Since April, most Perp quantity has moved to the BNB Chain, averaging round $200-$300 million each day, in comparison with its earlier deal with the Arbitrum (ARB) community.
Analyst Jordi Alexander argued that MYX highlights deep flaws within the perpetual futures market. Despite missing Tier 1 or Tier 2 listings, the token reached a $10 billion FDV, producing $200 million in open curiosity on Binance, the place merchants paid unfavourable funding charges.
Alexander famous that while Binance collected tens of tens of millions in charges from $9 billion in buying and selling quantity, clients confronted steep losses. He additionally warned that perpetual contracts are unsound with out ample spot liquidity.
“If there inner MMs arent hit Im guessing enterprise as standard. They delist this in some unspecified time in the future and it simply will get run on the following token,” Alexander commented.
BeInCrypto has reached out to the MYX Finance workforce for remark and can replace this text if we obtain a response.
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