MYX Finance Token Surges Amid $40M in Liquidations

MYX Finance’s native token, MYX, has shocked traders with a meteoric rise and equally harsh consequences. Over the past 24 hours, more than $40 million in liquidations rattled the market as the token soared from just $0.10 to $16 within 60 days.

Crypto analyst Skew highlighted on X that MYX “traded pretty normally between $2 and $4” before a sudden short squeeze propelled it to $8. The move triggered a wave of liquidations, suggesting that liquidity providers or market makers were caught off guard.

Despite its rapid growth, MYX Finance remains small compared to leading decentralized exchanges. The platform holds only $55 million in total value locked (TVL) and $5 million in open interest, while competitors like HyperLiquid boast $712 million in TVL and $12.8 billion in open interest.

What’s raising eyebrows is MYX’s fully diluted valuation (FDV) of $17.7 billion—surpassing many established projects and nearly matching HyperLiquid’s $17.5 billion market cap. With more than 80% of MYX’s supply locked and only 197 million tokens in circulation, analysts warn that the limited float makes the asset highly vulnerable to manipulation.

The extraordinary rise has pushed MYX into the ranks of the top 40 cryptocurrencies, now sitting as the 36th largest by market cap. While its surge has attracted attention, the disparity between its trading fundamentals and valuation continues to spark skepticism among traders and analysts.

For now, MYX Finance remains a high-risk, high-reward play, with its sharp price swings, restricted liquidity, and questionable sustainability making it one of the most watched tokens in the market.