Traders speculating on MYX Finance's native token (MYX) were in for a rude awakening this week, with more than $40 million being liquidated over the past 24 hours as the shadowy project continued its surge from $0.10 to $16 over the past 60 days.
Crypto analyst Skew wrote on X that MYX "traded pretty normally between $2 & $4" but things began to get questionable during a targeted short squeeze that sent the token from $4 to $8.
"Clearly in the aftermath of that move some liquidity provider or market maker got massive carried out, especially with sizable liquidations that occurred," they added.
MYX Finance is a decentralized exchange that has just $55 million in total value locked (TVL) and $5 million in open interest, being dwarfed by the likes of HyperLiquid that have $712 million and $12.8 billion respectively.
Despite the major disparity, MYX has a fully diluted value of $17.7 billion, rivaling HYPE's market cap of $17.5 billion. It's worth noting that more than 80% of MYX's supply is currently locked, with just 197 million tokens circulating, which means the assets could be prone to manipulation with such a constricted supply as several traders pointed out on X.
MYX's rapid emergence has seen it become the 36th largest cryptocurrency by market cap.
