- MYX Finance soared 1,388% in a week, hitting $18.14, pushing its FDV to $18.14 billion despite just $59.3M in TVL.
- Allegations of manipulation surface as Bubblemaps flags its airdrop “the biggest sybil of all time.”
- The community remains divided amid V2 upgrade hype as skeptics warn of insider dealings.
MYX Finance has risen 1,388% in a week and 11.3% in a day to trade at $18.14 as of 3:34 a.m. EST on a 20.7% drop in trading volume to $583 million. The surge in price pushed its Fully Diluted Valuation (FDV) to a staggering $18.14 billion and market cap of $2.2 billion. The spike in price has grabbed the attention of the crypto market as some metrics don’t add up. Let’s dive in.
MYX Finance Soars 1,388% to Top Coingecko Trending List
MYX Finance, a decentralized exchange (DEX) for perpetual derivatives, has seen its native token, MYX, skyrocket in value, but not without raising eyebrows over possible manipulation and insider dealings.
As of September 10, 2025, the token trades at $18.14, down slightly from its all of $18.47, yet the buzz continues. The main concern lies in the discrepancy between MYX’s market cap and its TVL. Its total value locked (TVL) sits at $59.3 million while the token has a $2.2 billion valuation, raising concerns about potential overvaluation.
Built initially on the BNB Chain with cross-chain support for over 20 networks, it boasts low fees— as little as 0.01% for makers—and gas-free trades. Backed by heavy hitters like Sequoia Capital, Consensys, OKX Ventures, and HashKey, the project quickly built hype. Its total value locked (TVL) sits at $59.3 million, with cumulative trading volume hitting $95.98 billion, earning it the “Volume Powerhouse” award in the BNB Chain Awards.
Derivatives volume reportedly hit $4.23 billion in one day, making MYX one of the top performers in DeFi. Social media exploded with excitement as X posts hailed it as the “next 1000x crypto,” and Binance Wallet ranked its airdrop as the best-performing in their Alpha program.
MYX Price Meteoric Rise Raises Eyebrows
The saga kicked off in early September when MYX surged over 167% in a single day, pushing it to an all-time high of $3.69 amid high trading volumes on exchanges like Bitget.
Traders pointed to several catalysts: hype around an upcoming V2 upgrade featuring portfolio margining and expansion to non-EVM chains, new listings, and a wave of short liquidations that fueled the pump.
Analysts warn of manipulation risks, citing unusual price action and upcoming token unlocks that could flood the market.
Blockchain sleuth Bubblemaps flagged MYX’s airdrop for potential abuse, calling it “the biggest airdrop sybil of all time”.
100 Sybil-linked addresses (fake accounts) scooped up 1% of the supply, raising fairness concerns.
Some traders accuse insiders of pumping the price before dumping.
Despite this, MYX’s team denies wrongdoing, emphasizing community rewards like staking perks and referral bonuses. MYX Finance launched earlier this year as a community-driven platform promising zero-slippage trading, up to 50x leverage, and permissionless markets for assets like Bitcoin and meme coins.
Still, the community remains split. Enthusiasts praise its tech for rivaling centralized exchanges, while skeptics predict a crash. Top crypto analyst The DeFi Investor believes “we are seeing incredible levels of crime” as MYX Finance soars to $18 billion FDV on just $5M in Open Interest (OI).
With a market cap hovering between $2.2 billion and V2 on the horizon, MYX could either cement its spot in DeFi or become another cautionary tale. For now, the MYX saga rolls on, drawing in speculators and watchdogs alike.
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