The MYX token shocked the market with a 240% jump in one day, moving into the top 50 cryptocurrencies by market cap. Traders rushed in as excitement over upgrades, new listings, and heavy trading activity fueled the rally. But not everyone is convinced. Concerns over token unlocks and possible manipulation are also in play.
What you'll learn 👉
Anticipation for the V2 Upgrade
The main driver behind the rally is MYX Finance’s upcoming V2 upgrade. The update promises zero-slippage trading and cross-chain support. These features have been talked about heavily in the DeFi space and are seen as game changers for liquidity and usability.
Buzz around the upgrade encouraged traders to pile in. That excitement helped push MYX higher as activity spread across different exchanges.
Holy! $MYX pic.twitter.com/AVb3Rt1wf5
— Ali (@ali_charts) September 8, 2025
MYX has also been listed on more exchanges, which opened the door to new buyers. Liquidity improved, and access became easier for retail traders.
Trading volumes exploded. Spot volumes reached about $350 million in one day, while perpetual contracts passed $4 billion. With that level of activity, price momentum only grew stronger.
Read also: $TAO and $SUI Among Tokens Facing $513M in Unlocks This Week
Short Liquidations and the Squeeze
Another factor was the short squeeze. As the price climbed, more than $14 million worth of short positions were liquidated. Traders who had bet against MYX had to buy back at higher prices, which only pushed the price further up.
This created a chain reaction. Each round of liquidations drove the token higher, triggering even more liquidations. The feedback loop helped lift MYX into the top 50 list.
Token Unlocks and Manipulation Fears
Not all of the attention has been positive. Analysts pointed to the timing of the rally, which lined up with a token unlock of nearly 39 million MYX. That raised questions about whether insiders could be using the pump to sell into retail demand.
Unusual trading patterns also added to doubts. Large concentrated buys, mirrored moves across different exchanges, and very volatile price swings all got our attention. Some see this as signs of manipulation.
This kind of pump, especially in a market that has been sluggish for days, does feel unusual. A single upgrade, even one as hyped as V2, is rarely enough to push a mid-cap token up by more than 200% in one day. It’s possible, of course, but the scale of the move has left many traders questioning whether other forces are at play.
So far, no clear evidence of whale dumping has appeared on-chain. That leaves open the debate between organic demand and market engineering.
Read also: Ex-BlackRock Analyst Predicts Bitcoin Price Will Hit $1 Million – Here’s the Exact Path
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