'There are no eternal dark horses in the crypto market, only eternal games—MYX's 251% surge, is it the main players wielding their knives or a revolution in the track?'

Phenomenal surge: A meticulously planned 'emotional carnival'?

On August 5, MYX drew a 'vertical K-line' in one hour, with the price soaring from 0.39 USDT to 1.41 USDT, a surge of 251.31%, with trading volume skyrocketing to 1.4 million USDT. Social media exploded instantly: 'Dog pool pump!' 'The next GMX!' But a calm breakdown of the data reveals this carnival more resembles a 'technical performance':

  • Indicators extreme: RSI soared to 87.2 (overbought zone dulling), KDJ's three lines collectively 'lying flat' in the overbought zone, MACD golden cross turns red but diverges from volume—typical technical 'false fire.'

  • Volume contradiction: Sell orders have piled up like a mountain near 1.4148 USDT, with large orders of 50,000 USDT frequently 'singing to themselves,' showing obvious signs of wash trading.

  • Exchange fragmentation: Bitget's increase far exceeds Binance, raising suspicions of single exchange control.

Personal opinion: This wave of rise feels more like the main players utilizing the 'Arbitrum ecosystem collaboration' news to create FOMO sentiment, aimed at attracting retail investors to take over. Referencing May 2025, Useless Crypto pulled off a $300 million market cap through a burn mechanism and 80% staking rewards; MYX's strategy is strikingly similar—luring with short-term profits to pave the way for subsequent offloading.

Truth about capital: Is it a 'cash machine' for whales or 'fuel' for the ecosystem?

On-chain data exposed key clues:

  • Whale address movements: A certain address hoarded 20 million MYX before the surge, with some transferred to exchanges after the pump, suspected of creating false demand through 'left hand to right hand' transfers.

  • TVL (Total Value Locked) inflated: MYX's current TVL is only 1/100 of GMX's, yet its market value has surged close to the top 50, indicating a severe disconnection from fundamentals.

  • Community airdrop expectations: Rumors suggest MYX will distribute token rewards to early LPs, but the white paper clearly states that 'only 5% of future reserves will be used for community incentives,' indicating that the airdrop scale may be far below expectations.

Case comparison: In July 2025, the Hyperliquid protocol built a moat through 'decentralized governance + compliant operations,' stabilizing its TVL at $82 billion, while MYX's TVL is only 0.01% of that. This confirms a truth: surges without a real profit model are simply a scam.

News game: Is the Arbitrum ecosystem a 'lifeline' or a 'smoke screen'?

The catalyst for MYX's surge was the announcement of 'Arbitrum ecosystem collaboration' on August 4, launching 'zero slippage derivative trading.' However, breaking down the details reveals:

  • Technical threshold in doubt: MYX claims its 'pairing pool mechanism (MPM)' achieves zero slippage, but Hyperliquid has realized 100,000 transactions per second through a proprietary Layer-1 chain, presenting a higher technical barrier.

  • Ecosystem implementation risk: The Arbitrum ecosystem currently focuses on DeFi, and the derivatives track has not yet formed a monopoly. MYX needs to compete with established projects like GMX and dYdX; what are its chances?

  • Trap of benchmarking GMX: GMX's success stems from a 'real profit model'—providing sustainable cash flow through tokenized government bonds, commodities, and other real assets, while MYX's profits still rely on short-term incentives from 'liquidity mining.'

Personal prediction: If MYX can elevate its TVL to over $100 million within three months and achieve deep integration with Arbitrum (such as cross-chain asset interoperability), it is expected to become a 'small but beautiful' dark horse; otherwise, this surge will be a 'flash in the pan.'

Community hot discussion: Which side are you on?

  • Trader Lao Wang: 'The RSI is off the charts, clearly a dog pool pump!'

  • Crypto blogger CryptoAlice: 'Arbitrum ecosystem + derivatives track, hold on for a 10x!'

My perspective: The surge of MYX is a 'sentiment trap' created by the main players utilizing news and technical analysis. However, if it can leverage this momentum to enhance its ecosystem, a comeback is not out of the question. The cryptocurrency market in 2025 is no longer an era of 'speculative concepts'—the RealT platform has tokenized US residential properties, starting from $50; the Dubai government plans to put $16 billion in real estate assets on-chain. The true dark horse will be those who can connect traditional finance with the crypto world as a 'bridge.'


'Do you think MYX is the biggest dark horse of 2025, or is it the main players harvesting retail investors?'#MYX