What is MYX Finance and why is it up 1,400% in seven days?

Key takeaways:

• MYX token soared 1,400% to $18.42 in the past week on Trump-linked listings and other factors.

• Analysts warn of red flags warning of price plunging 70–85% next.

MYX Finance (MYX) has exploded nearly 1,400% in a week, climbing to an all-time high of $18.42 on Wednesday.

MYX/USDT daily price chart. Source: TradingView

What is MYX Finance?

MYX is a decentralized perpetual exchange that uses a unique system called the Matching Pool Mechanism (MPM).

Instead of a standard order book or AMM, it matches traders through a shared pool by first taking the opposite side of the trade and then pairing longs and shorts later. The goal is to deliver near-zero slippage, similar to centralized exchanges, but fully onchain.

The platform offers USDC-margined contracts with up to 50x leverage and uses a dual-oracle system for pricing.

Why is MYX token price soaring?

Among the top catalysts that have driven this MYX’s demand higher include a Donald Trump-related event, outsized derivatives activity, and others.

Let’s examine these catalysts in detail.

World Liberty Financial’s (WLFI) token listing

On Sept. 5, MYX Finance announced that it would list the WLFI token, associated with US President Donald J. Trump and his family.

Source: MYX Finance

The MYX token started rallying a day after the announcement, indicating that a high-profile listing on its parent DEX boosted its visibility among speculative traders.

Binance Alpha listing fuels FOMO

MYX’s rally also gained momentum from its top ranking on Binance Alpha’s list of best-performing airdrops and token generation events (TGEs).

It has delivered the strongest returns among recently launched tokens, with early users seeing their allocations surge from around $5.92 per token to over $8,100 in value per user, according to Binance Wallet data published on Tuesday.

Binance Alpha’s top-performing airdrops. Source: Binance Wallet

At the same time, MYX’s open interest had climbed over $400 million, according to CoinGlass data, thus underscoring surging derivatives activity.

MYX Futures open interest. Source: CoinGlass

The combination of higher accessibility through Binance channels and deeper liquidity across perps markets has amplified retail FOMO and speculative buying, leading to explosive MYX token gains.

Aggressive short squeeze furthers MYX rally

Persistent daily short liquidations have driven MYX’s parabolic rally further higher.

Between Sept. 6 and Sept. 10, traders liquidated $89.51 million in shorts against $23.45 million in longs, according to CoinGlass.

MYX total liquidations chart. Source: CoinGlass

When MYX’s price jumped past $10–$12 and started racing toward $18, many traders who had bet on the price going down (shorts) were forced to buy back quickly to cut their losses.

Because there aren’t many tokens in circulation and lots of people trade with high leverage, those buybacks pushed the price up even faster, sending MYX to new record highs.

Lots of red flags in MYX rally, analysts warn

MYX’s rally is drawing skepticism from market watchers.

For instance, a 39 million token unlock coincided with the price surge, raising fears that early holders used retail demand to exit at inflated levels.

Web3 commentators flagged unusual trading patterns, including daily perpetual volumes as high as $6–9 billion and suspected whale coordination across Binance, Bitget, and PancakeSwap.

Source: Dominic

These flows, coupled with forced short liquidations, have fueled talk of manipulation.

On X, users described MYX’s move as a “scam pump” or “crime scene,” similar to Mantra’s 90% crash earlier in 2025.

Source: @WazzCrypto

Technical indicators also suggest that the rally might be overextended. MYX’s relative strength index (RSI) has spiked to 89–97, signaling extremely overbought conditions.

MYX Finance daily price chart. Source: TradingView

Similar RSI conditions in August preceded a 60% crash in MYX prices, with the token’s 20-day (green) and 50-day (red) exponential moving averages (EMAs) becoming primary downside targets.

A downtrend of similar proportion can therefore push MYX price down toward the EMA range of $2.72-5.10 in the coming weeks, or 70-85% down from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.