The MYX token, associated with MYX Finance, shocked the crypto market with a 477% price increase in just one day, reaching a record value of $2.09. This article examines the reasons behind this phenomenon.
Reasons Behind MYX Price Surge
One of the main reasons for the sharp price increase was its listing on several major exchanges, including a special category called 'Binance Alpha'. This made it easier to purchase the token and attracted more attention. MYX is also leading in decentralized derivatives trading on the Binance Smart Chain.
Trading Activity Dynamics
In the last 24 hours, MYX's trading volume increased by 146%, reaching over $257 million. For the entire week, it exceeded $2.4 billion, with more than 6,700 transactions made. The total value locked on the platform surpassed $25 million, indicating growing interest among traders.
Correction After the Surge
After the rapid rise of the MYX token to record levels, many investors began to take profits, leading to a price correction. Currently, the token has dropped to $1.27. Additionally, the Relative Strength Index (RSI) hit 97.45, indicating overbought conditions and intense speculation.
The sudden rise of the MYX token is attributed to a combination of factors, including popularity on major exchanges and active trading. However, the subsequent correction highlights the risks associated with market volatility.
