MYX Finance’s 13-Fold Rally Sparks Controversy Over Sustainability
MYX Finance’s token price soared 1,320% in just one week, hitting $17.08. Its market cap crossed $2.13 billion, with a fully diluted valuation of $17 billion. However, the meteoric rise has ignited debates about its legitimacy.
On-chain analytics platform Bubblemaps flagged concerns about potential sybil behavior. The firm identified 100 newly funded addresses that claimed almost 9.8 million MYX tokens, equivalent to $170 million. These accounts were funded simultaneously via OKX on April 19.
Bubblemaps’ findings suggest this could be the largest airdrop sybil ever recorded. Sybil behavior involves creating fake accounts to manipulate systems unfairly. MYX Finance dismissed these claims, stating that it maintains transparency and complies with decentralization principles.
- $170M airdrop traced to 100 suspicious addresses.
- Exchange claims legitimacy amid sybil allegations.
Web3 commentator dominic also voiced suspicions. He believes whales and insiders orchestrated the rally through wash trading and short squeezes. MYX’s daily perpetuals volume skyrocketed to between $6–9 billion, an unusually high figure for its size.
Technical analysts note that while the price chart shows strong bullish momentum, the relative strength index (RSI) at 97 signals an overbought market. If MYX fails to sustain levels above $15, a steep correction might follow.
Support levels stand near $13.60 and $7.95. Breaking through $20 could propel MYX further ahead.the real test lies in whether the token can prove its sustainability beyond the suspected manipulations.
