How Do On-Chain Metrics Reveal MYX's Market Manipulation Risks?

Active addresses increased by 180% since August 2025

MYX Finance has experienced a remarkable surge in user engagement since August 2025, with active addresses skyrocketing by 180%. This significant growth in active addresses is a clear indicator of the platform's increasing popularity and adoption among crypto enthusiasts. The project's market capitalization has reached an impressive $3.5 billion, solidifying its position as a major player in the cryptocurrency ecosystem. To put this growth into perspective, let's examine the key metrics:

The substantial increase in active addresses correlates with the project's rising Total Value Locked (TVL), which now stands at $542.17 million. This growth in TVL demonstrates the increasing confidence of users in the MYX Finance ecosystem and its various offerings. The platform's success can be attributed to its innovative approach as a non-custodial derivatives exchange, enabling on-chain trading of perpetual contracts for a wide range of tokens. By lowering capital costs for liquidity providers and streamlining the trading process, MYX has effectively positioned itself as a go-to platform for advanced derivatives trading.

Daily transaction volume surged to $880 million at peak

In 2025, MYX witnessed an unprecedented surge in its daily transaction volume, reaching a staggering peak of $880 million. This remarkable increase was closely linked to a significant unlock event that released 39 million MYX tokens into the market, representing approximately 3.9% of the total supply. The correlation between the price apex and the unlock event was striking, suggesting a carefully orchestrated market dynamic.

The surge in trading activity was accompanied by a disproportionate increase in derivatives volume. Daily perpetuals turnover for MYX abruptly spiked to an implausible $6-9 billion, far exceeding what would be expected for a token of its market cap and liquidity. This anomaly pointed to a large share of non-economic trading activity, raising concerns about market manipulation.

To illustrate the magnitude of this event, consider the following comparison:

The sudden surge in trading volume and price created a self-reinforcing cycle. As the price climbed, short positions were liquidated, forcing traders to buy back MYX in the open market. This involuntary demand further drove prices upward, attracting more speculative interest and exacerbating the price movement. The event underscores the volatility and potential for manipulation in cryptocurrency markets, particularly during significant token unlocks and periods of heightened speculation.

Top 100 addresses now hold 45% of total MYX supply

Recent data reveals a significant concentration of MYX tokens among the top holders. The 100 largest addresses currently control 45% of the total MYX supply, which stands at 1 billion tokens. This level of concentration raises questions about the token's distribution and potential market impact. To put this into perspective, let's compare MYX's distribution with its market capitalization:

The high concentration of tokens in a relatively small number of addresses could potentially influence market dynamics. Large holders, often referred to as "whales," may have the ability to significantly impact price movements through their trading activities. This situation underscores the importance of monitoring wallet distributions and token movements for investors and analysts tracking MYX's performance. The current market cap of $593 million, combined with the concentrated holdings, suggests that any major sell-offs or accumulations by these top addresses could lead to notable price volatility in the MYX market.

On-chain metrics reveal potential market manipulation risks

MYX token's recent price surge has raised significant concerns among market analysts due to on-chain metrics indicating potential market manipulation. The token experienced a remarkable 1,400% increase in just seven days, reaching $18.42. However, this impressive growth is accompanied by several red flags that suggest coordinated efforts to manipulate the token's value.

On-chain data reveals troubling patterns of liquidity clustering and whale-driven price pushes. The trading volume for MYX skyrocketed to $449 million on September 8, 2025, coinciding with a 200% rally that wiped out $48.7 million in short positions. This level of volatility and the magnitude of liquidations surpassed even major cryptocurrencies like Bitcoin and Ethereum.

Further analysis shows evidence of wash trading and abnormal trading volumes, with perpetual contract volumes reaching an astonishing $6-9 billion daily. These figures, coupled with the coordinated whale activity and suspicious token unlocks during the rally, paint a concerning picture of market manipulation. The presence of 100 identical wallets claiming $170 million in MYX tokens during the airdrop suggests a possible Sybil attack, further eroding trust in the token's organic growth.

FAQ

What is the MYX coin?

MYX Coin is a next-generation cryptocurrency designed to enhance scalability and efficiency in digital finance. As of 2025, it remains a notable player in the crypto market.

What is the price prediction for MYX token?

MYX token is predicted to reach $2.697522 by the end of this week and potentially $3.611557 by 2030, based on current market analysis.

Why is myx coin pumping?

MYX coin is pumping due to bullish RSI divergence and positive technical factors. Strong market sentiment and these technical signals are driving the price upward.

What coin is Elon Musk using?

Elon Musk is known for using and promoting Dogecoin, a popular cryptocurrency that gained significant attention due to his endorsements.