What to Know:
- MYX rallied 27,000% in 3 months before dropping 10% in 24h
- Whales allegedly pushed spot prices to trigger short squeezes
- 39M token unlock timed with peak hype for insider exits
MYX has quickly become one of the most talked-about tokens in the crypto market this September. What looked like a staggering success story, a token rallying 27,000% in three months to hit a $18.93 all-time high is now under the microscope for what some analysts are calling a deliberately orchestrated exit-liquidity game. A combination of hype, technical triggers, and insider moves turned MYX into what some analysts are calling an “exit-liquidity game.”
The Orchestration Behind the Pump
According to research, MYX whales allegedly pushed spot prices higher to manipulate perpetual futures’ mark prices. By doing so, they could trigger upside technical levels, most notably the $3.69 threshold, while knowing that a major token unlock was coming up. That unlock involved 39 million MYX tokens, and the timing was no accident. To sell at the best possible prices, operators needed to create an environment of outsized demand before the tokens hit the market.
A Parabolic Surge
The MYX token’s run began in June 2025 from just $0.047. By early August, it reached $2.49, already attracting attention. But the real fireworks came in September. In just seven days, MYX surged by over 1,132%, hitting an all-time high of $17. On September 9 alone, the token jumped 291%. At its highest point, MYX’s market cap was $3.5 billion, making it one of the top 35 cryptocurrencies in the world. The amount of trading also went through the roof, reaching $880 million a day.
The MYX Finance V2 upgrade story added to the excitement. Media outlets, influencers, and dashboards all talked about how quickly the token’s value was going up, which made people want to buy it even more. But on-chain data showed something less natural than what was in the news.
A Short Squeeze
The key battleground wasn’t spot trading but perpetual futures. On September 8, forced liquidations of short positions reached $11 million out of a total $14.6 million liquidated. Here’s how it worked: whales pushed the spot price just high enough to break key levels, such as $3.69. Once those levels were broken, shorts were automatically sold, which made them buy back MYX and raise the price. This set off a feedback loop in which higher prices led to more liquidations, which in turn led to higher prices.
Binance also changed the frequency of funding settlements for MYX perpetuals to every hour. This made it more expensive to hold shorts and put more pressure on traders who were betting against the rally. In short, the whales pulled the trigger, and retail traders took the hit.
Coordination Allegations and Correction
When trading data showed that derivatives turnover was unreasonably high $6 to $9 billion a day despite MYX’s small size, suspicions grew. Analysts saw programmatic, synchronized orders on Binance, Bitget, and PancakeSwap, which suggests that bots were working together instead of people. Wallet traces showed that a few large holders were getting most of the funds, which supports the idea of centralized control. Wash trading may have been used to make the volume look bigger and trick retail investors into thinking MYX was one of the best tokens on the market. The analysis described MYX’s setup as a “kill box.”
After a quick rise, MYX quickly cooled down. MYX fell 10.34% in 24 hours today, even though it went up 1,317% in a week. The pullback was caused by profit-taking, extreme overbought signals (RSI above 98), and worries about insider selling. Similar patterns had occurred before, with MYX crashing 58% after a previous unlock in August. At the time of writing, MYX is trading at $15.48.
Final Thoughts
The MYX case is more than just a case of prices going up and down; it’s a lesson in how whales can control markets when supply is limited. Insiders turned MYX into a textbook “exit liquidity” play by using hype, technical manipulation, and perfectly timed unlocks.
Also Read: India Holds Back Full Crypto Regulation, Citing Systemic Risk Concerns
