Dealers who speculate on Myx Finance’s native token (Myx) was for a rude awakening this week, with more than $ 40 million being liquidated over the last 24 hours as the shady project continued its increase from $ 0.10 to $ 16 over the past 60 days.
Crypto analyst SKEW wrote on X that myx “traded pretty normally between $ 2 & $ 4”, but things began to be questionable during a targeted short clamp that sent the token from $ 4 to $ 8.
“In the wake of this movement, a liquidity provider or the market manufacturer was massively executed, especially with significant liquidations that took place,” they added.
Myx Finance is a decentralized exchange that has only $ 55 million in the total value locked (Tvl) And $ 5 million in open interest that was dwelled by them like Hyperliquid, which has $ 712 million and $ 12.8 billion respectively.
Despite the biggest difference, MYX has a fully diluted value of $ 17.7 billion, competing with Hype’s market capital of $ 17.5 billion. It is worth noting that more than 80% of MyX’s supply is currently locked, with only 197 million tokens circulating, which means the assets could be prone to manipulation with such a narrow supply as several dealers pointed out to X.
MyX’s rapid emergence has seen it be the 36th largest cryptocurrency of market capital.
