MYX Finance's native token (MYX) experienced an explosive 200% price surge in the past 24 hours, rocketing from approximately $6.28 to $17.75 and setting a new all-time high. This dramatic move triggered a massive short squeeze that resulted in $48.7 million in liquidations from traders betting against the token, surpassing liquidation amounts for both Bitcoin ($39M) and Ethereum ($48.5M) during the same period.
The token's incredible run represents more than 18,000% gains since its launch, with the project climbing to become the 36th largest cryptocurrency by market capitalization at over $2.1 billion. Despite this valuation, MYX Finance operates a relatively small decentralized exchange with just $55 million in total value locked (TVL) and $5 million in open interest, dwarfed by competitors like HyperLiquid which boasts $712 million TVL and $12.8 billion in open interest.
Market analysts have raised concerns about potential manipulation, noting that more than 80% of MYX's supply remains locked with only 197 million tokens circulating. Crypto analyst Skew described "targeted squeezes" that pushed MYX far beyond its normal $2-$4 trading range, suggesting that "one party currently controls a large percentage of that token & market." The token's derivative trading volume surged over 100% to exceed $11 billion, placing it among the top five most traded tokens and surpassing XRP's volume by $4 billion.
