MYX crypto rally is not stopping, registering a 1,500% gain in just two days. But can the rally continue?
Summary
- MYX Finance rose 1500% percent in just a few days
- The project reached a market cap of $220M, joining the top 250 tokens
- Still, there are signals that a crash may come soon
The MYX crypto rally continues to a new all-time high. On Tuesday, August 5, the MYX Finance token registered a 1,507% increase in just two days. Subsequently, the token’s price reached an ATH of $1.76, and the project attained a $220 million market cap.
A rally that started as a speculative drive fueled by excess liquidity in the BNB ecosystem propelled this token into the top 250 by market cap. Recent news has further boosted the bullish case.
Notably, on August 5, Bitget listed the MYX to USDT perpetual contract for spot trading. This listing will expose MYX crypto to more traders, potentially boosting the price further.
Some traders also shifted attention to the upcoming V2 upgrade, aimed at further reducing the slippage on the MYX Finance derivatives exchange. However, others have started to point out red flags in the rally.
Will the MYX crypto rally continue?
MYX Finance is experiencing heavy shorting pressure. Notably, funding rates have dropped to -2%, indicating strong demand for short positions. At the same time, traders noted that large sell orders were placed near $1.70, suggesting that whales are beginning to take profits.
Others noted a large discrepancy between the futures volume, at $7 billion, and relatively low spot volume. This could be a red flag, signaling inorganic or bot-driven activity aimed at artificially inflating the token’s price.
Unlike the stock market, crypto markets don’t have robust protections against wash trading. For this reason, retail traders jumping into the MYX crypto could serve as exit liquidity for whales.
