The MYX token experienced extreme volatility, with a rapid 1800% surge and 60% plunge in price. Institutional sell-offs triggered liquidity issues and fueled market panic.
On August 6, MYX token surged from $0.113 to $2.1 (over 1800% increase) before plunging 60% to $0.8237 within 24 hours, later trading at around $1.05 and recovering to $1.44. On August 7, chain analyst @ai_9684xtpa reported that early investor Hack VC withdrew 1.27 million MYX tokens (worth approximately $215.7K) from the airdrop contract, with 445K tokens sold at an average of $1.68 for $74.7K, triggering market panic. Binance MYX contract trading volume hit $7 billion amid intense long-short battles. Previously, in November 2023, MYX.Finance secured a $5M seed round at a $50M valuation led by Sequoia China and others, launching a unique Matching Pool Mechanism for zero slippage trading. Milestones include joining the Linea Ecosystem Investment Alliance, upcoming TGE announcements, and the May 2025 launch of the Keeper System for node staking, with current TVL nearing $27M, over $84B in total transaction volume, and more than 170K users.