MYX Finance Explained: Pump, Manipulation, and Looming Crash Risks

In September 2025, MYX Finance ($MYX) shocked the crypto market by soaring more than 1,400% in just one week, hitting an all-time high near $18. On the surface, the rally looked fueled by new listings and hype. However, deeper analysis suggests something far darker: a textbook pump-and-dump setup.

From whale-controlled buys to suspicious token unlocks, MYX is flashing every red flag in the book. Many analysts now warn that retail traders could be used as exit liquidity, with a hard crash seen as inevitable.

Coordinated Whale Activity and Insider Manipulation

On-chain investigators uncovered patterns showing multiple wallets buying in lockstep across exchanges like PancakeSwap, Bitget, and Binance. Funds funneled into central addresses point to one group orchestrating the surge.

The timing of a 39 million token unlock (1.5% of supply) during the rally fueled suspicions further. Early insiders were able to dump tokens into rising prices, flipping roughly $3.9M into $59.4M. Analysts call this blatant insider abuse.

Wash Trading and Inflated Volumes

Trading activity spiked to $6–9 billion per day in perpetual futures – far higher than MYX’s market cap or spot liquidity. This points to wash trading, where controlled accounts trade back and forth to create fake demand.

With only 12% of tokens circulating and thin liquidity, whales can swing prices massively with little effort. Reports highlight “concentrated liquidity” and “on-chain anomalies” as proof of artificial inflation.

Forced Short Squeezes and Liquidations

Over $60 million in shorts were liquidated in days, including $10–14M in single sessions. Funding rates hit -2% per hour (as high as -40% daily).

This looks deliberate: whales pushed prices up to trigger cascading liquidations, creating fake bullish momentum. In fact, one rally started from a single $5M short liquidation, not organic buying.

Sybil Attacks and Airdrop Abuse

Data from Bubblemaps shows 100 identical wallets claimed $170M in MYX tokens during the airdrop — a likely Sybil attack by one entity.

Although MYX denied the allegation, the evidence suggests manipulated distribution. This gave insiders an unfair advantage, raising doubts about token fairness and decentralization.

Overvaluation and Technical Warnings

The warning signs extend to valuations:

• Market cap ballooned to $2–3B, while TVL sat at only $32–150M.
• RSI spiked to 83–97, signaling extreme overbought conditions.
• Analysts predict 70–85% corrections, comparing the setup to MANTRA ($OM)’s 90% collapse.

Insiders allegedly used bullish RSI/MACD signals as “technical bait” to lure retail traders before unloading tokens.

Fake Supply and Liquidity Risks

Critics argue MYX’s circulating supply numbers are misleading. With most tokens controlled by insiders, they can pump to $40 or dump to $0.01 at will.

Reports even claim the team removed external BNB liquidity, amplifying control. This aligns with accusations of team-driven manipulation, where retail demand barely factors into the price action.

Red Flags at a Glance

The Bigger Picture

When you line up the evidence coordinated buys, fake volume, short squeezes, Sybil attacks, and mismatched valuations and the picture is clear. MYX Finance shows the hallmarks of a pump-and-dump scheme, dressed up with DeFi branding.

Smart money appears to be rotating out, leaving retail exposed. Unless regulators step in, the likely outcome is brutal: a crash that wipes out late entrants.

Final Takeaway

MYX Finance may have delivered one of the flashiest rallies of 2025, but its foundations look shaky. With manipulation indicators piling up, analysts warn of a looming collapse.

For retail traders, the message is simple: DYOR, tread carefully, and never chase parabolic pumps. In crypto, what looks like opportunity often hides as someone else’s exit plan.