MYX rallies 200%, wipes $48.7M from shorts liquidating more than BTC & ETH as volumes surpass XRP

MYX, the native token of MYX Finance, has rallied more than 200% in the past 24 hours, making it the biggest gainer on Sept. 9, according to CryptoSlate data.

The token, which powers a BNB Chain-based decentralized exchange specializing in perpetual derivatives, jumped from around $6.28 to $17.75 at press time.

That surge pushed MYX’s market capitalization above $2.1 billion, placing it ahead of top digital assets like Algorand and into the top 50 cryptocurrencies by that metric.

According to Cryptorank data, the token’s fully diluted valuation is above $17.7 billion, which would rank it among the 30 largest digital assets.

This surge continues a bullish run that has already delivered more than 18,000% gains since launch, with the latest move setting a fresh all-time high.

That sharp rise also triggered the largest wave of liquidations across the crypto market in the past day. CoinGlass data revealed that traders betting against MYX lost $48.7 million, outpacing liquidations in Ethereum ($48.5 million) and Bitcoin ($39 million).

At the same time, the token’s uptrend has resulted in an over 100% climb in derivative volumes to more than $11 billion, placing it among the top five most traded tokens in the last 24 hours. This volume is five times higher than Cardano’s ADA and $4 billion higher than XRP.

Market skepticism

The scale of MYX’s price growth has raised doubts among market watchers, who argue that the token’s repeated spikes resemble manipulation rather than sustainable demand.

Crypto trader Skew pointed to “targeted squeezes” that push MYX far above its trading range, triggering liquidations of delta-neutral strategies and consolidating supply control in a few hands.

He wrote:

“The token has consequently moved up 166% or 2.6x without resistance or competition meaning one party currently controls a large % of that token & market.”

However, others take a different view, suggesting the rally reflects rising appetite for decentralized perpetuals. They compared MYX’s trajectory to that of Hyperliquid, which recently emerged as a leading on-chain derivatives venue.

Pseudonymous crypto tarder Purrteil wrote:

“This only shows how much people, VCs, family funds, etc, have appetite for new perp dex.”

MYX Finance runs a decentralized perpetual exchange on BNB Chain. It uses a “Matching Pool Mechanism” designed to reduce slippage by pooling liquidity, while supporting trades across multiple blockchains.

According to its website, the platform has attracted more than 177,000 traders, processed $95.6 billion in lifetime volume, and locked $59.3 million in total value.

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