MYX Coin Market Analysis: Opportunities and Risks Behind the Surge 500% in 3 Days

Recently, the cryptocurrency market has been booming, and $MYX has been particularly eye-catching! In just 3 days, its price soared from $0.116 to $0.79, a staggering increase of 500%, with a market capitalization reaching $660 million, successfully entering the top 150 by market cap and breaking through historical highs.

The rapid rise of $MYX can be attributed to multiple factors. First, the support from institutional lock-ups and large-scale token burns has driven this surge. Large institutions have locked up hundreds of thousands of MYX as nodes and have used all profits for repurchasing and destroying tokens, with over 500,000 tokens burned just yesterday; retail investors can also earn annualized returns of 15%-20% by locking up their tokens, which continuously reduces the circulating supply as tokens are burned. Additionally, the funding support from BNB Chain, expectations for cross-chain integration with Solana, and the countdown to the airdrop on August 9 have collectively attracted a massive influx of funds.

However, investing in $MYX requires caution due to potential dumping risks. Currently, its 24-hour turnover rate has reached 150%, while the circulation rate is only 9.43%, which means that tokens are highly concentrated in the hands of a few. If these holders sell off in large quantities, the price may significantly drop in a short period. Moreover, the RSI indicator is nearing 100, indicating strong short-term pullback pressure, making it crucial for the price to hold within the $0.58-$0.6 range. Furthermore, the imminent launch of dYdX V4 will intensify industry competition; from the comparison of TVL and market cap, it appears that the current price has some inflated components.

In terms of operational strategy, for investors with a holding cost below $0.3, it is advised to sell 70% of their position to lock in profits while retaining some base assets for airdrop opportunities; investors looking to buy at the bottom can wait for the price to stabilize in the $0.58-$0.6 range before considering entry, and if this range is broken, they can pay attention to opportunities around $0.45. Following this, it is important to closely monitor the token burn data post-airdrop on August 9 and the holdings of large investors. In the long term, if the average daily token burn exceeds 800,000 tokens, the price of $MYX may aim for $1, but achieving this goal will depend on the implementation of technology and the continuous growth of institutional lock-up amounts.

It should be noted that the current price of $MYX mainly relies on the market.