Key Notes
- The rally is fueled by the upcoming V2 protocol upgrade, major token listings like WLFI, and record derivatives activity on MYX Finance platform.
- Analysts warn of extreme overbought conditions for MYX price, suggesting potential profit-taking.
- The Wyckoff Theory shows that the accumulation phase is over and the distribution phase will begin soon.
MYX, the native cryptocurrency of MYX Finance, has surged by a whopping 1240% on the weekly chart, hitting a new all-time high of $17.94 earlier today.
On September 9, its market cap surged to $3.35 billion, hitting a massive gain from under $200 million, a week before.
MYX, is the native cryptocurrency of non-custodial derivatives exchange, MYX Finance, which has been in the limelight recently.
What’s Behind the MYX Finance Price Rally?
In the beginning of September, MYX cryptocurrency was virtually unknown to the crypto community.
However, the parabolic surge in MYX price comes as derivatives exchange MYX Finance has seen a sharp rally in price and trading volumes, drawing strong attention from traders and analysts.
Several catalysts, like the upcoming V2 protocol upgrade, which promises zero-slippage trading, improved cross-chain support, and a more streamlined user experience, contributed to this rally.
Big token listings such as World Liberty Financial (WLFI), have led to fresh liquidity flowing into the exchange.
Coinglass data shows that derivatives activity for MYX Finance (MYX) has soared, with open interest reaching record levels and highlighting heavy leveraged trading.
MYX Finance processed a record $10.3 billion in assets in August, up from $1.6 billion in February.
Monthly volumes have consistently climbed each month since then, extending the upward trend.
MYX Price Shows Overbought Conditions
After a massive 1200% MYX price rally in the last two days, experts are urging caution before opening new positions.
MYX price sees parabolic rally. | Source: Tradingview
Some analysts warn that the rapid gains could be risky, with the possibility of a rug pull or sudden sharp declines, advising investors to stay vigilant.
Analysts also point to the possibility of heavy profit-taking for the altcoin. From a technical perspective, the MYX price movement shows a shift from the accumulation phase of Wyckoff theory into the markup phase, which is usually followed by the distribution and markdown stages where selling pressure increases.
There are currently two other cryptocurrencies showing similar signs of building selling pressure: MemeCore and Virtuals Protocol.
Snorter Bot to Hit the $4 Million Milestone Soon
Snorter Bot ($SNORT), the Telegram-based trading assistant, is making waves after raising over $3.8 million in its presale.
Built on Solana
SOL
$212.6
24h volatility:
1.2%
Market cap:
$114.95 B
Vol. 24h:
$9.67 B
for lightning-fast, low-fee trades, the platform combines meme-coin energy with powerful on-chain trading tools, including near-instant swaps, front-running resistance, and live transaction simulations from a private mempool.
Holding SNORT unlocks premium features and staking rewards of up to 122%, giving early supporters serious incentives.
With a fixed supply of 500 million tokens and plans to expand to Ethereum
ETH
$4 293
24h volatility:
1.7%
Market cap:
$516.78 B
Vol. 24h:
$29.88 B
, BNB Chain
BNB
$873.0
24h volatility:
0.8%
Market cap:
$121.49 B
Vol. 24h:
$1.05 B
, and other EVM networks, Snorter Bot makes advanced trading easy, fast, and fun, all from your Telegram app.
Presale Details of Snorter Bot
- Token Symbol: $SNORT
- Price: $0.1039
- Funds Raised: $3.8 million
- Network: Solana
The ongoing presale positions Snorter Bot as a streamlined trading solution. Check out their official site to stay up to date with the Snorter Bot launch date.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/myx-finance-explodes-1240-in-a-week/
