The post Why is MYX Finance Token Price Surging Today? appeared first on Coinpedia Fintech News
MYX, the token of non-custodial trading platform MYX Finance, shocked the crypto market with a huge 477% price jump in just one day, hitting a new all-time high of $2.09.
Many people in the crypto space were surprised by this massive move and started asking: Why is MYX going up so fast?
Key Reasons Behind MYX Price Pump
Here’s a simple look at the reasons behind the big price jump.
Big Exchange Listings Spark Rally
One of the biggest reasons for the price jump was that MYX got listed on some major crypto exchanges, including a special category called “Binance Alpha.” This made the token easier to buy and gave it more attention.
At the same time, MYX is leading in the world of decentralized derivatives trading on the Binance Smart Chain. This helped attract more interest as traders look for strong platforms in the DeFi space.
Trading Volume and Activity Exploded
In the last 24 hours, MYX’s trading volume grew by 146%, reaching over $257 million. For the entire week, it crossed $2.4 billion. More than 6,700 transactions were made, and the total value locked on the platform went over $25 million.
This shows that more and more people are actively buying, trading, and using the token, which usually leads to a strong price jump.
Short Sellers Got Liquidated
Another reason for the price surge was short liquidations. Many traders were betting that MYX would fall. But when the price started going up, leading to a $10 million worth of short positions being liquidated, which added more buying pressure and helped the price climb even faster.
FOMO and Greed Took Over
As the price kept rising, more people rushed in to buy MYX out of fear of missing out (FOMO). The Fear & Greed Index for MYX hit 64, showing strong “greed” in the market.
MYX Token Drops to $1.27 After Massive Rally
The MYX token saw an explosive rally over the past week, jumping 16x in just seven days. At one point, it surged 477% in a single day, rising from $0.28 to an all-time high of $2.09, pushing its market cap to new heights.
This sharp rise was mainly fueled by strong retail interest and technical momentum. However, as prices climbed, many investors began to take profits, leading to a price correction. MYX has now dropped to $1.27.
Adding to the signs of overheating, the token’s Relative Strength Index (RSI) reached 97.45, an extremely high level that often signals overbought conditions and intense speculative trading