Strong Allegations of Insider Manipulation by MYX Trigger 135% Increase

The crypto market is no stranger to volatility, but MYX Finance has recently taken center stage for both its soaring price and serious accusations of insider manipulation.

On September 8, MYX traded at $3.68, up 135% in just 24 hours and 214% in a week. The dramatic rally was accompanied by a surge in trading volumes and open interest.

However, commentators and data analysis platforms have raised red flags, pointing to possible coordinated activities by insiders and whales. This has sparked heated debates over whether MYX’s rally is genuine demand or manufactured liquidity.

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Key Takeaways

1. Price surge: MYX Finance rose 135% in a day, alongside massive increases in spot and futures volume.

2. Allegations raised: Analysts point to possible insider trading, coordinated whale activity, and pump-and-dump strategies.

3. Risks remain: With volatility, token unlocks, and speculation, retail traders may face significant risks.

What Happened with the MYX Price Rally?

In early September, MYX experienced one of the most dramatic price rallies in the market. The token climbed from under $1 to nearly $4 within a week, sending its seven-day range into record highs.

Daily spot trading volumes hit $314.9 million, an 829% increase from the previous day. The derivatives market painted an even more extreme picture, with perpetual futures volume rising over 2,300% to $4.23 billion and open interest surging 138% to $262.1 million.

These numbers point to heavy speculation and leverage being poured into MYX. Rising open interest suggests that traders were opening fresh positions rather than simply closing existing ones, which often amplifies volatility.

While such activity can sometimes indicate strong investor interest, it can also be a sign of artificial momentum driven by concentrated players.

Market observers quickly noted that the scale of this activity seemed unusual for a token of MYX’s size, raising suspicions that this was not an organic rally.

Read Also: MYX Finance Price Prediction 2025-2030: Can MYX Hit the Next Crypto Boom?

Allegations of Insider Manipulation

The concerns around MYX gained traction after Web3 commentator Dominic shared his analysis on September 7.

He alleged that whales and insiders might have orchestrated a pump-and-dump scheme through wash trading, coordinated buying, and forced short squeezes. His breakdown suggested perpetual futures volumes between $6-9 billion, a level disproportionate for MYX’s market capitalization.

Adding to the controversy, over $10 million in short positions were liquidated in a single day. This type of trading pattern can occur when a coordinated group pushes up prices, forcing leveraged traders out of positions and creating further upward pressure.

Identical trading behaviors across platforms like Binance, PancakeSwap, and Bitget reinforced suspicions of whale coordination. The timing of the rally was also critical. Around 39 million MYX tokens were unlocked just as prices spiked.

This gave insiders holding large allocations an opportunity to sell into heightened retail demand. Critics argue that this combination of token unlocks and trading volume spikes looks engineered rather than organic.

Such concerns are not unprecedented. Earlier this year, Mantra (OM) experienced a sudden 90% crash after similar allegations of insider manipulation, wiping out billions in market value. Observers fear MYX could face the same fate if suspicions prove accurate.

Read Also: MYX Finance Price Prediction September 2025: Can MYX Hit Another New ATH?

Why Analysts Are Concerned About MYX

Further investigations have only deepened the doubts. Blockchain analysis firm Bubblemaps reported that MYX wallets linked to insiders claimed a staggering $170 million from an airdrop.

Around 100 addresses received identical funding through OKX before the airdrop, totaling nearly 10 million MYX tokens or 1% of the total supply.

What raised eyebrows was that these addresses showed no activity prior to the airdrop and claimed their tokens almost simultaneously. Such patterns are unlikely to be random and point toward potential insider coordination.

If true, this would mean insiders had access to large volumes of tokens distributed under the guise of a fair airdrop, only to capitalize during periods of heightened demand.

While MYX has not directly addressed these allegations, the evidence presented by blockchain analysis tools and commentators has led to widespread skepticism in the trading community.

Traders are now caught between the potential for further gains and the risk of being exit liquidity  in a manipulated market.

The future of MYX’s price movement will likely depend on whether it can build sustainable demand or if insiders continue to dominate trading activity.

Read Also: MYX Crypto Explodes Overnight, Is This the Next Big Altcoin?

Conclusion

The dramatic rise of MYX Finance has certainly caught the attention of the crypto world, but the underlying allegations of insider manipulation cast a long shadow over its rally.

From sharp spikes in trading volumes to the coinciding token unlock, the situation highlights the thin line between genuine market growth and engineered demand.

For everyday traders, the risks are real, especially when whales and insiders hold the advantage. For those interested in trading cryptocurrencies, the key is to choose platforms that prioritize transparency, reliability, and security.

Bitrue is one such exchange that offers easy access to digital assets with a focus on safer trading experiences.

As the MYX situation unfolds, investors should stay alert, do thorough research, and rely on trusted platforms to navigate the unpredictable world of crypto.

FAQ

What caused the surge in MYX Finance’s price?

MYX Finance rose 135% in a day due to sharp increases in both spot and derivatives trading volumes, which signaled heightened speculative activity.

Why are there allegations of insider manipulation?

Commentators pointed to unusual trading patterns, identical activity across exchanges, and timing with a token unlock as potential evidence of insider influence.

What risks do token unlocks bring?

Token unlocks increase circulating supply, often putting pressure on prices. If combined with speculative trading, they may benefit insiders more than retail investors.

Has this happened before in crypto markets?

Yes, similar patterns were observed during the April crash of Mantra (OM), when suspected insider actions triggered a sudden collapse in price.

How can traders protect themselves in such situations?

Staying informed, avoiding over-leveraging, and using trusted exchanges like Bitrue can help reduce exposure to manipulation-driven volatility.

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