The token, which powers a BNB Chain-based decentralized exchange specializing in perpetual derivatives, jumped from around $6.28 to $17.75 at press time.
This surge continues a bullish run that has already delivered more than 18,000% gains since launch, with the latest move setting a fresh all-time high.
The scale of MYX’s price growth has raised doubts among market watchers, who argue that the token’s repeated spikes resemble manipulation rather than sustainable demand.
Crypto trader Skew pointed to “targeted squeezes” that push MYX far above its trading range, triggering liquidations of delta-neutral strategies and consolidating supply control in a few hands.
“The token has consequently moved up 166% or 2.6x without resistance or competition meaning one party currently controls a large % of that token & market.”
However, others take a different view, suggesting the rally reflects rising appetite for decentralized perpetuals. They compared MYX’s trajectory to that of Hyperliquid, which recently emerged as a leading on-chain derivatives venue.
“This only shows how much people, VCs, family funds, etc, have appetite for new perp dex.”
MYX Finance runs a decentralized perpetual exchange on BNB Chain. It uses a “Matching Pool Mechanism” designed to reduce slippage by pooling liquidity, while supporting trades across multiple blockchains.
According to its website, the platform has attracted more than 177,000 traders, processed $95.6 billion in lifetime volume, and locked $59.3 million in total value.
