MYX Finance has extended its rally with another explosive move, setting a new all-time high of $7.50 earlier today. The token is currently trading around $7.20, up over 200% in the past 24 hours and more than 545% in the last week. With its market cap now exceeding $1.4 billion, MYX has entered the top 70 largest cryptocurrencies.
This marks one of the fastest ascents in the market this month, fueled by growing trading activity, derivatives volume, and anticipation around the upcoming V2 protocol upgrade.
Update: MYX Hits $14, Cracks Top 50 – Then Drops 25% in One Hour
BNB Chain Award Win
The rally is boosted by a major milestone for the project – MYX has officially won the “Volume Powerhouse” award at the BNB Chain Awards. The project credited its community of traders, LPs, and builders, and teased a “big update soon” as it continues building on BNB Chain.
V2 Upgrade and Listings Fuel Optimism
Hype around the forthcoming V2 upgrade is another of the key drivers of market interest. The update is expected to introduce zero-slippage trading, cross-chain support, and improved usability. Several exchanges have also recently listed MYX, broadening access and contributing to a rise in volume. These factors have helped maintain bullish sentiment even amid ongoing volatility.
Speculation and Trading Risks
While momentum remains high, analysts have flagged several warning signs. Large token unlocks have coincided with recent price moves, and data shows significant short liquidations – over $13 million in a single day – suggesting leveraged traders may have been forced out of positions.
Some commentators argue this could point to deliberate attempts to trigger squeezes. On-chain activity has also shown unusual patterns of small coordinated buys, raising concerns of potential manipulation.
Read also: How to recognize a crypto presale scam? Full guide
Outlook Remains Divided
Despite the concerns, there has been no major sell-off from top holders so far. Some monitoring platforms report that institutional wallets continue to hold, indicating a possible longer-term strategy. However, with price gains moving faster than fundamentals, and leverage playing a central role in the rally, MYX’s short-term price action may remain highly volatile.
