Myx, the native token of the Decentralized Exchange (DEX) Myx Finance, surprises the cryptocurrency market after the price was fired from 0.99 to $17.77 in just seven days.
This way, Myx is placed as Cryptocurrency with improved weekly performance within the top 100 market capitalizationas shown below:
Myx Finance is a DEX focused on derivative tradingspecifically, with a permanent contract with leverage. The platform runs on BNB Smart Chain, a network created by Exchange Binance.
The project has earned the Binance Annual Prize since September 8th, and has achieved outstanding popularity as a transaction leader. This is an event aimed at recognizing and celebrating the best developers, innovators and projects that contribute to the growth and development of BNB smart chain networks.
This result has given the project an impulse, but some experts argue that growth is not organic, but the result of a possible strategy. Pumps and dumps (Pump and discard in Spanish).
As explained by Cryptonoticia, it is a market manipulation mechanism that occurs when a trader group acquires a large amount of cheap assets, in the hope that through rumors, news, false statements, or advertisements, traders acquire a large amount of cheap assets, attracting more buyers and causing a rapid price rise.
When prices are in the cloud and there is demand, traders who have launched the mechanism are separated from their holdings. That’s when assets are collapsed, there’s not enough purchase levels to maintain, and most investors are about to lose money these days.
In this respect, a financial market analyst known in X as 0xD0M_ said, “Today, some suspicious activities have been carried out using Myx. Here is a more detailed breakdown that shows why Myx is manipulated.”
The first red flag found by an analyst According to Defillma data, the daily volume of permanent futures contracts has gone from 6,000 million to 9,000 million. “This is unnatural compared to Myx’s small market capitalization and liquidity, and is a classic signal of inflated numbers to attract retailers,” he added.
He further points out: “More than $10 million was liquidated in a day, and whales intentionally pushed up prices to trigger liquidation.
This means that the move was caused by whales, which forced large settlements in short positions (a bet to lower prices), creating artificial demand that quickly raise Myx prices. Another alert sign for the operation Pumps and dumps.
The creator of Cryptocurrency Market content is recognized as Szymanski and also focuses on the growth of Myx meteors. In this regard, he states: “The wall wallet (whales) often know something in front of the crowd. In Myx, the 15 directions of the whale accumulated tokens three days before the increase. That was the first signal.”
Additionally, it emphasizes the sustainable growth of healthy projects and recommends focusing on metrics such as constant increase in unique directions with tokens. This indicator reflects that More and more users keep it in their walletsdemonstrating organic demand as well as passing impulses created by marketing or speculation campaigns.
Therefore, it is essential that each investor conducts his own analysis and research before making a financial decision.
