🚨 Trading of MYX coin reveals signs of market manipulation
A joint report from Rena Labs, an AI infrastructure company, and Insider, a market analysis firm, found that the trading of MYX coin – the currency of the decentralized platform (DEX) – shows clear signs of market manipulation.
🔎 The report analyzed over 9,200 data points minute by minute between September 9 and Monday, and found 249 cases of abnormal trading that included:
✅ Weak liquidity
✅ Sudden spikes in trading volume 📈
✅ Changes in price ratios 💹
✅ Fluctuations in trading intensity ⚡
📊 On September 9, cases of low liquidity on the Gate platform increased by 433%, with only 32 cases recorded during Sunday and Monday. Researchers considered this might indicate deliberate manipulation or withdrawal by market makers.
⏬ Additionally, the average trade size decreased by 67% during periods of weak liquidity, and the trading rate fell by 45%. Interestingly, the bid-ask spreads decreased from 15.8% on September 9 to 8.2% on Monday, despite the norm being for spreads to widen during times of low liquidity.
🛑 Researchers confirmed that the coincidence of these deviations across all four indicators makes the likelihood of this being normal trading less than 0.001%, meaning it is almost mathematically impossible.
⚠️ On another note, the BubbleMaps platform issued a warning regarding the recent airdrop of MYX coin, considering it might have been the largest Sybil Attack.
A joint report from Rena Labs, an AI infrastructure company, and Insider, a market analysis firm, found that the trading of MYX coin – the currency of the decentralized platform (DEX) – shows clear signs of market manipulation.
🔎 The report analyzed over 9,200 data points minute by minute between September 9 and Monday, and found 249 cases of abnormal trading that included:
✅ Weak liquidity
✅ Sudden spikes in trading volume 📈
✅ Changes in price ratios 💹
✅ Fluctuations in trading intensity ⚡
📊 On September 9, cases of low liquidity on the Gate platform increased by 433%, with only 32 cases recorded during Sunday and Monday. Researchers considered this might indicate deliberate manipulation or withdrawal by market makers.
⏬ Additionally, the average trade size decreased by 67% during periods of weak liquidity, and the trading rate fell by 45%. Interestingly, the bid-ask spreads decreased from 15.8% on September 9 to 8.2% on Monday, despite the norm being for spreads to widen during times of low liquidity.
🛑 Researchers confirmed that the coincidence of these deviations across all four indicators makes the likelihood of this being normal trading less than 0.001%, meaning it is almost mathematically impossible.
⚠️ On another note, the BubbleMaps platform issued a warning regarding the recent airdrop of MYX coin, considering it might have been the largest Sybil Attack.