# MYX rockets 1,320% in a week, market cap hits $1.8 billion: is this a genuine narrative-driven rise, or a meticulously planned squeeze?
While the crypto market is still digesting the FOMC rate-hike expectations, a token called MYX Finance quietly climbed onto this week’s “king of the beasts” leaderboard. From $1.31 on September 6 to a peak of $18.78 on September 10—up 1,320% in a single week. Its market cap jumped from under $200 million at the start of the year to $1.8B+; its rank jumped from beyond 200th straight into the top 70.
How outrageous is this speed, really? In the same week, BTC was just a dull sideways range during the altcoin season backdrop, while ETH consolidated sideways. Even SOL dipped on pullbacks. A new token with a market cap in the top 70 surged 13x in a week—so not only did it outperform 99% of all assets in the entire market, but it also delivered a harsh lesson to shorts in this week’s long/short liquidation data.
But here’s the question: is this massive rally really a **rise in the true narrative**, or is it a carefully orchestrated pump-and-dump by the market makers? Today we’ll tear apart this MYX “meme coin squeeze” event from four dimensions: narrative, capital, technicals, and risk.
## I. Narrative side: expectations for the V2 upgrade + WLFI helped a bit
MYX Finance isn’t a project that appeared out of thin air. It’s a decentralized perpetual futures trading exchange, and **the core selling point is its proprietary MPM matching-pool mechanism (Matching Pool Mechanism)**—using a matching pool instead of a traditional order book, it claims it can achieve zero slippage, with USDC margin supporting up to 50x leverage and dual-oracle price feeds. This architecture is a differentiated design within the DEX perpetual corridor and, in theory, can avoid the order-book liquidity fragmentation problem.
What truly ignited market sentiment is the **MYX V2 upgrade**: according to disclosures from the official X account, V2 is planned to be released tonight (September 10 at 22:00 UTC, Beijing time). It promises zero slippage, perpetual contracts going live on a second-by-second basis, cross-chain support expansion, and new token listings support. This series of “functional upgrades” expectations, combined with August MYX derivatives trading volume reaching **$10.3 billion and 177,000 active traders**, has caused capital in an already sensitive perpetual corridor to react quickly.
On the catalyst front, **the September 5 announcement that MYX would list WLFI (World Liberty Financial, a project related to the Trump family)** also helped a lot—this isn’t just “listing a token,” it brings an emotional boost with topic-driven traffic. Coupled with Binance Alpha listing MYX near the top of quality new-token airdrop rankings, the FOMO contagion effect among retail traders was further amplified.
But **what really turned the narrative into a price explosion is the short-side structure**.
## II. Capital side: $89.51 million in shorts gets “precision-targeted” blown up
Odaily Planet Daily’s (Bear Market Meme Coin Self-Check Manual) reveals the underlying structure behind MYX’s violent rally—this is a textbook-level **market-maker-led, planned squeeze**.
Timeline recap:
- **Early August to September 6**: MYX consolidated for about a month in the $1.05–$2 range, **with funding rates deeply negative**; shorts were getting hit every 4 hours at -2% (about -12% annualized). This abnormal negative funding rate is itself a signal: someone was stubbornly propping up while absorbing massive short positions.
- **September 6**: OI (open interest) surged to $95M, price was $1.31. Then the operator used the consolidation period to first close out the initial long positions and then add back, turning the $1–$2 range into a “top-looking” pattern to lure shorts into adding more.
- **September 7**: Price rallied from 1.31 to **3.39** (+158%); the first wave of shorts was liquidated, and OI rose in both directions.
- **September 8**: Within a single day it jumped from 3.39 to **14.09**. Total daily liquidations were $16.53 million, of which $13.68 million came from shorts. Each liquidation event triggers buybacks for replenishment, pushing the price higher and triggering the next liquidation round—an archetypal **deadly long-short spiral**.
- **September 9**: pushed to **14.6**; **September 10**: touched **16.75–18.78**, and daily contract trading volume skyrocketed to the $9–$10 billion range.
Across the entire **September 6–10 period**, CoinGlass statistics show shorts were liquidated totaling **$89.51 million**, while longs liquidated only **$23.45 million**—the long/short liquidation ratio was close to 4:1, and the OI peak broke $400 million. On a token with a market cap only in the $1B+ range, running contract trading volume comparable to BTC is itself an abnormal signal. Web3 analyst Dominic directly posted to question it: **multiple exchanges (Binance, Bitget, PancakeSwap) showed synchronized trading characteristics**, seemingly suggesting "wash trading" (volume manipulation) and coordinated pump actions.
## III. Fundamentals: a serious imbalance with $17.8B FDV
If the first two sections were “why it surged so hard,” then this section is “whether the surge is justified.”
Look directly at the data comparison:
- **Market cap**: $1.8 billion (9/10)
- **FDV (fully diluted valuation)**: approximately **$17.8 billion**
- **TVL (locked value)**: only **$55 million**
- **OI (open interest)**: only **$5 million**
- **August derivatives trading volume**: $10.3 billion
**Market cap/TVL is over 32x, and FDV/TVL is over 320x.** Such extreme proportions are virtually nonexistent among mainstream DeFi projects. For reference comparison: Hyperliquid (HYPE) has a $12 billion market cap, with OI and revenue growing significantly; dYdX has a $1B market cap but has real fee revenue and TVL support. Although MYX’s daily contract trading volume is large, much of it appears to be volume generated by circular counterparties; the actual on-chain TVL and revenue remain weak.
What’s even more worth paying attention to is the **circulation structure**:
- Circulating supply: approximately 124 million tokens
- **Total supply: approximately 627 million tokens, with less than 28% unlocked**; the remaining 71.82% is still locked/linearly released
- **Team and early investors account for 40%**
- **This week alone, about 39 million MYX will unlock**
- Insider/sybil suspicions: Bubblemaps said in a tweet on September 9 that **about 100 OKX accounts funded wallets at the same time on April 19 using the same pattern to claim about 9.8 million MYX (about $170 million at current prices)**—accused of being the "largest airdrop sybil incident in history". MYX’s official response said it was "reasonably designed for high-transaction participants," but this reply clearly did nothing to ease market concerns about insiders being distributed tokens.
Combining this week’s 39 million unlocked tokens and the $170 million holdings found by Bubblemaps, **there’s a reasonable reason to suspect: this surge in returning capital is creating an exit window for insiders**.
## IV. Technology and risks: RSI at 97, a 70% drawdown is on the way
From the candlestick structure, MYX **shot parabolically from $1.10 to $18.37 within a week**. The price is far away from the 20-day moving average ($3.42) and the 10-day EMA ($7.96), with the gap fully entering the overbought zone.
Key indicator readings:
- **RSI (14): 89–97**—historical experience shows that once RSI breaks 85, for assets that stay overbought, there’s a >70% chance of a deep pullback within 1–2 weeks
- **CCI (Commodity Channel Index)**: entering a reversal zone
- **MACD/Momentum**: still bullish, but already close to momentum exhaustion
- **Key support levels**: 13.60 / 7.95 / 4.54 (the next lower tier is $2)
- **Key resistance levels**: $18–$20
After summarizing analysts’ views from HODL FM, the conclusion is this: **once it loses $15, the pullback could be as high as 70–85%, with the target level immediately returning to the $2–$5 range**. This means the risk faced by chasing buyers might not be “a normal correction after a big run,” but instead going straight back to the start of the move.
## V. How to view this massive rally: two takeaways
**First, the difference between “meme coins” and the “mainline narrative” isn’t about calling trades—it’s about whether the data supports it.** MYX’s V2 upgrade, record-high derivatives trading volume—if these “narratives” are placed on a project with a market cap of $500 million, FDV of $2 billion, and continuously growing TVL, they’re a reasonable basis for a breakout. But MYX’s current structure is that **TVL of $55 million props up FDV of $17.8 billion; daily futures turnover is $9 billion, but OI is only $5 million**—the data gap is too large. The real breakout for a meme coin is: real institutional capital inflows, sustained growth in protocol revenue, balanced and gradually released circulation structure, and rational distribution across exchanges—of these four, MYX only barely touches the first one.
**Second, the combination of negative funding rates + high OI + shrinking-volume consolidation—i.e., a “dead cat bounce”—is the classic breeding ground for a squeeze.** This time MYX’s consolidation lasted about a month; negative funding rates stayed negative for more than a week; OI kept accumulating—this is a textbook signal of “market makers washing positions before pumping.” The next time you see a similar structure (consolidation for more than 2 weeks + persistent negative funding + abnormal OI/market cap ratio + multiple events about to be realized), you should be on guard.
No matter whether MYX later delivers on V2 or goes to zero overnight, this week’s 1,320% surge has already demonstrated all three things end-to-end: **the DEX perpetual corridor, the market maker squeeze structure, and the meme-coin narrative thesis**.
Do you have someone around you who FOMO-chased into MYX? Or did you recognize this kind of “dead cat bounce” structure even earlier? Feel free to discuss your framework in the comments.