MYX, which is the token of decentralized perp exchange MYX Finance, has increased more than 1957% in August, reaching an all-time high of $2 with its market cap exceeding $200 million. While the rally created a noise on crypto trackers, most experts sounded the alarm bells for suspicious activity.
First introduced through Binance Wallet’s 15th Exclusive TGE, MYX was trading close to its all-time low only months ago. Its recent price spike, paired with a $272 million trading volume day, has put many on notice.
According to analysts, the timing is too impeccable for an elapsing 38.99 million MYX token unlock, currently valued at close to $59.4 million, up from a mere $3.9 million prior to the pump.
On-chain activity indicates possible manipulation. Six wallets allegedly stacked 6.72 million MYX with minor transactions and streamed the tokens into a single Bitget address. At the same time, whales such as Hack VC are seen leaving one of the wallets sold 445,000 MYX, and another transferred 835,000 MYX to MEXC.
Analysts are sure that this may be a pump-and-dump scheme, and insiders are profiting and leaving the retail investor exposed. PancakeSwap, Bitget, and Binance are to be highly coordinated.
With a huge token unlock, suspicious wallet activity, and early movers taking profits, how long the pump will last is far from guaranteed.
