MYX Finance: From Unknown Rookie to Shocking Liquidation of Tens of Millions USD

In the past week, the cryptocurrency community witnessed a shocking phenomenon: MYX Finance (MYX) – the native token of a relatively unknown DEX project – suddenly became the center of attention as it recorded over 40 million USD in liquidation within just 24 hours.

From $0.10 to $16 in Just 60 Days In just 2 months, the price of MYX has skyrocketed from $0.10 to $16, equivalent to an increase of more than 160 times. This development has excited many traders to jump in, but it has also caused many to "burn their accounts" during the fierce fluctuations. According to analyst Skew, MYX used to trade quite steadily in the price range of $2 – $4. However, everything changed when a targeted short squeeze occurred, pushing the price from $4 to $8 in a short period of time. Skew commented: "Clearly after this squeeze, a market maker or liquidity provider has been blown away, especially when a huge amount of liquidation occurred right after that." The Asymmetry Between TVL and Market Capitalization It is noteworthy that the actual scale of MYX Finance is still very modest. This platform currently has only about $55 million TVL ( total value locked ) and $5 million open interest. These figures are quite small compared to its competitor HyperLiquid, which holds $712 million TVL and $12.8 billion open interest. However, the paradox is that MYX is valued at an FDV of (Fully Diluted Value) reaching $17.7 billion, equivalent to the market cap of HYPE – the native token of HyperLiquid (around $17.5 billion). Limited Supply, Easily Manipulated One main reason why the price of MYX fluctuates strongly is the supply structure. Currently, over 80% of the total supply of MYX tokens is still locked, with only about 197 million tokens circulating in the market. This makes this coin vulnerable to price manipulation, as the actual supply available for trading is too low compared to the inflated market capitalization. From "Darkness" to Light Despite facing many doubts, the spectacular breakout has helped MYX quickly rise to the 36th position in the ranking of the largest cryptocurrencies by market capitalization. However, analysts warn that the rapid growth, coupled with limited liquidity and a large gap between actual value and market capitalization, may pose serious risks for investors. 👉 Conclusion: MYX Finance is becoming a controversial phenomenon. From a small project, MYX suddenly exploded, but the asymmetry between strength and valuation has led many experts to warn: this could be a "double-edged sword" for those who want to join this FOMO wave.