MYX token surges 200%, outpaces liquidations in Ethereum and Bitcoin
MYX, the native token of MYX Finance, has rallied greater than 200% prior to now 24 hours, making it the most important gainer on Sept. 9, in keeping with CryptoSlate knowledge.
The token, which powers a BNB Chain-based decentralized trade specializing in perpetual derivatives, jumped from round $6.28 to $17.75 at press time.
That surge pushed MYX’s market capitalization above $2.1 billion, inserting it forward of prime digital belongings like Algorand and into the highest 50 cryptocurrencies by that metric.
In accordance with Cryptorank data, the token’s absolutely diluted valuation is above $17.7 billion, which might rank it among the many 30 largest digital belongings.
This surge continues a bullish run that has already delivered greater than 18,000% good points since launch, with the most recent transfer setting a recent all-time excessive.
That sharp rise additionally triggered the biggest wave of liquidations throughout the crypto market prior to now day. CoinGlass data revealed that merchants betting in opposition to MYX misplaced $48.7 million, outpacing liquidations in Ethereum ($48.5 million) and Bitcoin ($39 million).
On the identical time, the token’s uptrend has resulted in an over 100% climb in by-product volumes to greater than $11 billion, inserting it among the many prime 5 most traded tokens within the final 24 hours. This quantity is 5 instances increased than Cardano’s ADA and $4 billion increased than XRP.
Market skepticism
The size of MYX’s value development has raised doubts amongst market watchers, who argue that the token’s repeated spikes resemble manipulation somewhat than sustainable demand.
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Crypto dealer Skew pointed to “focused squeezes” that push MYX far above its buying and selling vary, triggering liquidations of delta-neutral methods and consolidating provide management in a number of palms.
He wrote:
“The token has consequently moved up 166% or 2.6x with out resistance or competitors which means one occasion at present controls a big % of that token & market.”
Nevertheless, others take a unique view, suggesting the rally displays rising urge for food for decentralized perpetuals. They in contrast MYX’s trajectory to that of Hyperliquid, which not too long ago emerged as a number one on-chain derivatives venue.
Pseudonymous crypto tarder Purrteil wrote:
“This solely exhibits how a lot folks, VCs, household funds, and so on, have urge for food for brand spanking new perp dex.”
MYX Finance runs a decentralized perpetual trade on BNB Chain. It makes use of a “Matching Pool Mechanism” designed to scale back slippage by pooling liquidity, whereas supporting trades throughout a number of blockchains.
In accordance with its web site, the platform has attracted greater than 177,000 merchants, processed $95.6 billion in lifetime quantity, and locked $59.3 million in complete worth.
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