Replay Myx 300x: Careful planning with intertwined contracts over time

The MYX token's price trend showed a typical parabolic pattern, and its upward speed and magnitude reached extreme levels in the short term. Sorting through the timeline of this process can reveal its impressive growth trajectory:

• The token price started at an all-time low of around $0.047 in June 2025.

• In the first round of significant increases in August 2025, the price reached a phased high of $2.49 on August 8.

• Then, in September 2025, a more explosive round of upward market growth began. In just seven days, the price surged by more than 1,132%, hitting a record high of over $17. On September 9 alone, the price increase in one day was over 291%.

Along with the sharp rise in prices, there was also an explosive increase in trading volume and market capitalization, reflecting a rapid influx of market attention and speculative capital.

• Surge in trading volume: Driven by the MYX Finance V2 upgrade narrative (which is probably a rationalized “cover”), spot trading volume increased sharply on September 7-8, by more than 710%, to reach US$354 million. During the subsequent price peak, this figure climbed to an astonishing $880 million. This huge trading volume shows that market sentiment is extremely high, and large amounts of speculative capital are involved.

• Market capitalization expansion: During the August rise, MYX's market capitalization has surpassed 300 million US dollars. Meanwhile, on September 8/9, its market capitalization swelled to more than 3.5 billion US dollars, and once ranked in the top 35 global cryptocurrency market capitalization rankings.

Technical indicators clearly show that the market has entered an extreme overbought and irrational state, which is a sign that the risk of price correction is extremely high.

Relative Strength Index (RSI): RSI is a key measure of market momentum and overbought/oversold conditions. In this rise, MYX's 14-day RSI reached 96.21, while the 7-day RSI reached an unprecedented 98.06. Normally, an RSI value above 70 is considered an overbought region; values above 95 indicate that the market has entered a statistically unsustainable speculative frenzy, which almost without exception indicates an impending sharp correction.

• The interaction between price and trading volume creates a powerful positive feedback loop. The initial price increase, probably driven by concentrated and coordinated buying, successfully attracted initial attention from the market. As prices climbed, the percentage of trading volume shown on major exchanges and data aggregation platforms increased dramatically, providing material for cryptocurrency news media and social media influencers.

• The media, KOLs, data platforms, etc. (this article is one of them) have quickly created a social consensus on “hot tokens” and triggered FOMO among retail investors (similar to giant whale traders trading on HL, a kind of publicity effect from “large orders”). This process strengthened itself and formed a parabolic upward trajectory. More importantly, this inflow, driven by retail investors, provided early insiders and market controllers with the massive liquidity necessary to distribute their token holdings at a high level.

MYX's price surge is not simply market enthusiasm, but the combined result of a series of carefully planned events.

The derivatives market is the main battleground and core engine of this price explosion.

• Key data: According to Coinglass data, a large-scale liquidation event occurred in the market on September 8. The total liquidation amount reached $14.63 million, of which up to $11 million came from the liquidation of short positions.

• Mechanism analysis: When the MYX price was pushed higher and broke through key technical resistance levels (such as $3.69), it triggered the forced liquidation of a large number of short positions. These short traders, who were forced to close their positions, had to buy MYX in the market to make up their positions, which instantly created enormous, involuntary buying pressure. This cascading forced buying creates a vicious cycle, driving up prices further, and thus liquidating more higher-priced bears. The leverage of up to 50 times provided by MYX perpetual contracts amplifies this effect, making the price extremely sensitive to minor fluctuations.

• Fueling factor: Binance's adjustment to the MYX perpetual contract funding rate settlement frequency (changed to once every 1 hour) further exacerbated the plight of the bears. More frequent capital rate settlements mean an increase in the cost and uncertainty of holding short positions, which effectively traps short traders in losing positions, making them more vulnerable to price increases.

If the bears' squeeze was the engine of the rise, then the timing of the token unlocking event revealed the “timing” of this rise. (A good trick is to “count and settle”, which gives the market's impression that it falls when unlocked)

• Event coincidence: The peak of the price coincided perfectly in time with a major token unlocking event. This unlocking released 39 million MYX tokens to the market, accounting for 3.9% of the total supply. For a token with a relatively small circulation market, this is a huge supply shock.

• On-chain evidence: After the token was unlocked, on-chain data tracking showed that the well-known venture capital agency Hack VC transferred 835,000 MYX to the MEXC exchange, which is a clear sign of preparations for large-scale sales.

• History repeats itself: This is not an isolated event. In August, the price of MYX plummeted 58% after a similar token unlocking event. This shows that the market has formed a clear pattern: token unlocking is a window period for early investors and insiders to make a profit and put huge selling pressure on the market, and it is also the market's consensus that the token is “likely to fall.”

Red flags from analysts: Analyst Dominic on X provided a detailed analysis pointing to multiple red flags pointing to market manipulation: (https://x.com/0xD0M_/status/1964725748687901053)

• Disproportionate trading volume: MYX's daily perpetual contract trading volume suddenly soared to $6 billion to $9 billion. This figure is completely illogical for a token with a market capitalization and liquidity scale far less than this, and suggests a large amount of unreal trading activity.

• Collaborative trading model: The exact same, programmatic trading pattern has been observed on multiple exchanges such as Bitget, PancakeSwap, and Binance. This cross-platform synchronous behavior is highly unlikely to be formed spontaneously by a large number of independent market participants, but rather controlled by a single entity or group acting in concert through a trading robot.

• On-chain fund collection: On-chain data shows that large amounts of small purchase funds were eventually collected into a centralized wallet address. This is a typical manipulation technique used to mask the true intentions and size of a single large player's bankroll.

• Wash Trading creates false trading activity: its purpose is to artificially inflate trading volume and attract retail investors who see high trading volume as a sign of good market health and liquidity. Once retail investors are attracted to the market, manipulators can sell their tokens at a high price to complete the harvest. The various signs observed in the MYX incident are highly consistent with the typical characteristics of market wash transactions.

The core logic of this incident: “A deadly game under the high-control panel in stock”. This is not a simple market frenzy; it is a carefully planned and interlinked capital operation. The strategy can be broken down into the following steps:

• Low circulation and high internal holdings: The total supply of MYX was 1 billion, but during the peak price period, the circulation supply was only about 197 million units, less than 20% of the total. According to the token distribution plan, core contributors (20%) and investors (17.5%) together hold 37.5% of the total supply. Most of these tokens are locked down for a long time, which means there are very few “floating chips” that can actually be freely traded on the market at any given point in time.

• Advantages of control panels: This low circulation and high concentration structure creates perfect conditions for price manipulation. When the vast majority of tokens are controlled by a small number of entities, they can create huge price fluctuations in the spot market with only a relatively small amount of capital, paving the way for subsequent contract market operations.

The big players used their control over the spot market to turn the derivatives market into a core battleground to harvest their rivals.

• Create a bear squeeze: This is the core mechanism of this maneuver. By raising prices in the spot market, manipulators can accurately push up the token price of perpetual contracts to break through key technical levels (such as $3.69). The move triggered a chain reaction: large numbers of short positions were forced to close due to insufficient margin. These forcibly closed bears had to buy MYX in the market to make up their positions, thus forming a huge, involuntary purchase, which further pushed the price higher.

• Surprising liquidation data: On September 8, a whopping $14.63 million was liquidated across the network, of which more than $11 million came from short positions that were liquidated. This clearly shows that one of the main purposes of raising spot prices is to accurately “hunt” bears in the contract market.

The insane rise in “marketing effectiveness” is a critical part of this strategy. Taking the price of the currency to the sky itself is the most effective marketing method.

• Creating FOMO sentiment: An increase of over 1,132% in just 8 days (September 1-8), and once breaking into the top 35 CMC global market capitalization on September 9, quickly attracted the attention of the entire market. This parabolic rise spread through various media and social platforms, creating strong FOMO for retail investors.

• Attracting new players: This extreme market sentiment has successfully attracted a large number of new traders. Traders attracted by rising prices will open long positions to catch up, while traders attracted by high capital fees and pullback expectations will open short positions. Regardless of the direction, they have all become the “rivals” that manipulators need, providing depth and liquidity to the market, and preparing for the next stage of harvesting.

The ultimate goal of this carefully planned boost clearly points to create exit opportunities for interested people and to harvest the market in both directions.

• Perfect sync with token unlocking: The highest point in price coincided amazingly in time with the 39 million MYX token unlock event. Pull trading creates a perfect window with plenty of liquidity and a consistent “bearish” direction.

• On-chain evidence: Hack VC, a well-known venture capital firm, immediately transferred MYX tokens worth around $2.15 million to the exchange after the tokens were unlocked. This suggests that retail investors have become the “exit liquidity” for insiders. Or is this a “bearish” play for retail investors and analysts?

• Two-way harvest: The goal of this game is to take both long and short sides.

In the process of pulling upward, by detonating bears, they reaped the short opponent's market. The opposite is also true.

After spot distribution is completed at the peak of the price, the manipulator can backfire and go short. As they stop protecting the market and begin selling, the price will inevitably plummet (the previous August unlocking caused the price to drop 58%). At this point, all long positions that chased in at the top will be liquidated. No matter how long or short, the trigger button (stock) of the explosion is controlled by others. Whether to close the position or profit will depend on the kindness of others.

In summary, MYX's surge was not a natural reaction of the market to its technology or fundamentals, but rather a “deadly game” in the derivatives market using highly concentrated spot control and leveraged by spot prices. Its core purpose is to attract a large number of traders to become counterparties by creating a sensational marketing effect, thereby achieving accurate liquidation of bears, creating an ideal liquidity environment for interested people to sell newly unlocked tokens at high prices, and finally complete a two-way harvest of the market.

These seemingly separate events — the V2 new product narrative, the short squeeze, the token unlock, and the rumor wash of the market — are actually an intertwined, well-planned overall strategy.

1. First, interested people predicted the date that 39 million tokens would be unlocked. In order to sell at the highest price during this period, they must create huge market demand ahead of time. As a result, they vigorously promoted the story of the V2 upgrade through or under the guise of official channels and social media, providing a “fundamental” and reasonable explanation for the upcoming rise.

2. Next, interested people may use trading robots to wash the market on major exchanges, create the illusion that trading volume is active, and begin to slowly push up prices. The trap was set when the price increase attracted the first bears to enter the market.

3. The manipulator then invested a critical amount of capital to push the price violently above the critical liquidation line, thus triggering a massive bear squeeze. At this point, buying orders generated by forcibly closed positions became the main fuel driving a parabolic rise in prices, and the manipulators themselves no longer even needed to invest large sums of money.

4. Finally, on the day the price peaked, the FOMO sentiment in the market was strongest, and the token was unlocked, they got the exit window they had been dreaming of: an extremely high selling price and a huge pool of successors made up of a large number of retail investors. The 39 million newly unlocked tokens poured into the market, while retail investors unfortunately became their “exit liquidity.”

May we always be in awe of the market.