Here’s why the MYX Finance price surged and why it may crash soon

MYX Finance price went parabolic this week, becoming one of the best-performing tokens in crypto. It jumped from a low of $0.133 in August to a record high of near $20, transforming it into a $3 billion coin. This article explains why MYX surged and why it may crash soon. 

Why MYX Finance price jumped

MYX Finance is a decentralized exchange (DEX) on the BSC Chain. Until this week, it was a relatively unknown platform. According to DeFi Llama, the network’s perpetual volume has largely dried up after soaring to a record high of $784 million in April. It crashed to less than $1 million this month. 

MYX price caught many investors off guard as it surged to a record high. This surge was notable because of its magnitude and the fact that it came out of nowhere. It sent memories of Onyxcoin (XCN), which surged from a low of $0.0022 on January 1 to a high of $0.049 on January 26, a 2,245% surge. 

The MYX price jumped was also surprising as it happened without any news event. Therefore, most analysts believe that this was pure market manipulation by its insiders. 

In an X post, Bubblemaps noted that the MYX Finance team was tied to wallets that claimed over $170 million from their airdrop, allegations that the team vaguely denied.