The MYX token, native to the MYX Finance perpetual trading platform, has skyrocketed over 1500% in just two days, breaking its previous all-time high (ATH) of $0.20 to reach $1.80. This parabolic rally was fueled by $9 billion in monthly perpetuals trading volume and intense speculation around its upcoming V2 upgrade featuring zero-slippage execution and chain abstraction.
Technical indicators reveal extreme bullish momentum: hourly charts show widening candles and rising volume, with RSI at 85 (severely overbought) and MACD spiking sharply. On August 4, MYX led gains across Binance, amplifying FOMO among traders. The project's market cap surged to $220 million, entering the top 250 cryptocurrencies.
However, warning signs emerged as funding rates plunged to -2%, indicating heavy shorting pressure. Large sell orders stacked near $1.70 suggest whales are taking profits. Analysts flagged a $7 billion futures volume vs. low spot volume discrepancy, potentially signaling wash trading or bot activity that could leave retail investors as exit liquidity.
The token's foundation includes a May Token Generation Event (TGE) that saw 30,000% oversubscription and $51 million in 24-hour volume. Recent momentum was bolstered by Bitget's August 5 listing of MYX/USDT perpetual contracts for spot trading.