Overview

• MYX touched a new peak near $4.20 on Sept. 8 after a roughly 160% daily jump and more than 260% weekly gains, lifting its market capitalization above $520 million.
• Perpetuals activity ballooned to about $4.2 billion in 24-hour volume as open interest more than doubled to roughly $262 million, signaling heavy leveraged positioning.
• Coinglass data shows roughly $10 million to $13.77 million in short positions were liquidated in a day, adding forced buying pressure during the spike.
• A roughly 39 million token unlock coincided with the rally, and Web3 commentator Dominic pointed to on-chain flows across PancakeSwap, Bitget, and Binance that he says resemble coordinated wash trading.
• Supporters point to the pending MYX V2 release featuring zero-slippage trading and cross-chain support plus fresh listings such as Binance Alpha, while others warn of Mantra-style crash risk if the move proves engineered.