MYX Finance has recently come under scrutiny following a staggering 1,451% price increase, now trading at $18.34. The price rise was guided by rumors of a fixed distribution of airdrop, which brought into question the legitimacy of the platform. Nearly 100 wallets reportedly engaged in coordinated activities tied to the airdrop, potentially undermining the token’s credibility.
Significant Price Surge
MYX Finance token experienced appreciation from $4 to $18 in days based on massive volumes of trades. Market cap also crossed above more than $2.13 billion, with fully diluted valuation at $17 billion. Retail demand supported the price movement, as Google Trends volume reflected the surge in searches for MYX Finance.
Airdrop Allegations
Bubblemaps, a blockchain analysis company, identified suspicious activity that was being blamed for the airdrop of MYX. They found some $170 million tokens airdropped to 100 sybil-addresses. Each wallet reportedly received similar amounts of BNB before qualifying for the airdrop. This pattern raises concerns about potential manipulation, leading some to label it the “biggest airdrop sybil of all time.”
MYX Finance responded to such accusations with the assertion that airdrop rewards were the fruit of genuine trading and activity by liquidity providers. They did acknowledge some address changes on users’ behalf but reaffirmed their dedication to equity.
Market Reactions and Concerns
Given the defense of MYX, suspicion is already afoot. Critics described its reaction as vague, noting it did not address the major issues. Experts noted that the rapid price increase could be the same as before market manipulations, as what happened in MANTRA (OM). Also, insider trading and wash trading issues have arisen, giving more doubts about the token’s viability in the long run.
Myx Finance Technical Analysis
Technical indicators show MYX price accelerated from $1.10 to a peak of $18.37 within days. The relative strength index (RSI) was at 97, confirming the market was overbought. Analysts point out that a breakdown of not staying above $15 levels is a cause for a quick correction. A breakout above $20 has the potential to drive the token to unprecedented levels of price discovery.
The recent move by MYX Finance is characteristic of the maturity of the cryptocurrency world. The simultaneous occurrence of a major price surge and blatant manipulation claims does nothing to help the platform’s image. Stakeholders are advised to remain abreast and alert during investigations.
