🚀🚀🚀$MYX Two days of soaring 100%, what exactly happened behind the scenes?
#MYX is the token of the on-chain derivatives platform MYX Finance, launched in May, and recently the price surged to $0.25, with a market capitalization of 250 million. A 100% surge in two days has sparked heated discussions in the market.
There are three reasons for the rise:
1. Over 50% of the trading volume comes from on-chain, with a 24-hour trading volume reaching 900 million, far exceeding the market capitalization.
2. It was crazily short-sold, with a rate as high as -0.74%, indicating a significant short squeeze in the short term.
3. Emotional explosion, with a thick atmosphere of market speculation.
However, the risks are also significant:
Multiple KOLs question its fundamentals, stating that the surge mainly relies on speculation.
Once the sentiment reverses, the decline could also be faster.
Operation suggestion:
Don't chase the highs, wait for a pullback to observe the on-chain capital trends before considering entry. For those with existing positions, be sure to set profit-taking and stop-loss orders.
In summary: MYX's explosive rise relies on sentiment, chasing highs requires caution, and when the wind is strong, don't let yourself be blown away.
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