MYX has increased in price by 16 times in the past 7 days with strong trading participation from several major wallets and outstanding trading volume across many exchanges.
The sudden increase of MYX is accompanied by a 483% increase in one day and signs of market manipulation through the linkage mechanism between spot and futures trading.
MAIN CONTENT
MYX increased 16 times in 7 days, with a breakthrough trading volume of 483% in one day.
Six addresses purchased 6.72 million MYX, equivalent to nearly 4 million USD, and transferred the entire amount into a Bitget wallet.
There are signs of market manipulation when the funding rate stands at -2%, indicating a connection between spot and futures trading.
How has MYX increased significantly in the past week?
MYX recorded a price increase of 16 times in just 7 days, with a surge of 483% in a single day according to the report on August 5. This figure reflects significant volatility and strongly attracts the attention of cryptocurrency investors.
The sudden price surge of MYX is not only limited to price but also accompanied by a huge trading volume, indicating that supply-demand factors and market sentiment are fluctuating strongly.
Which individuals or wallets have significantly impacted MYX trading?
Six major wallet addresses have purchased approximately 6.72 million MYX, equivalent to nearly 4 million USD, through a total of 2,240 transactions within 24 hours. All of these coins were subsequently sent to a single address on the Bitget exchange.
The concentrated order accumulation from a few large addresses often indicates the activity of cryptocurrency whales and may be a sign of coordinated trading to influence prices.
How is the trading volume of MYX across exchanges?
During the same period of price increase, PancakeSwap recorded a trading volume of 79.1 million USD, Bitget had 77.31 million USD in the spot market, while Binance recorded 4.97 billion USD in the futures market.
This data shows the strong participation of many different exchanges, with Binance leading the futures market, highlighting the connection between the spot and futures markets in influencing MYX prices.
How does the funding rate affect the MYX market?
The funding rate is currently at -2%, an important indicator showing intervention or price manipulation between spot and futures markets.
A negative funding rate often causes holders of long positions on futures contracts to pay fees for short positions, which may create reverse pressure or stimulate coordinated trading actions.
The cryptocurrency market remains susceptible to manipulation activities when large wallets link between spot and futures to control prices.
Cryptocurrency market analysis expert, August 2024
Frequently Asked Questions
What is MYX and why has it surged in price?
MYX is a cryptocurrency token, rapidly increasing in price due to accumulation by whales and active trading across multiple exchanges.
What role do the six wallet addresses that bought MYX play?
They are cryptocurrency whales, executing many large buy orders and transferring all tokens into a Bitget wallet to control the supply.
What does a negative funding rate mean?
A negative funding rate indicates selling pressure on futures contracts and may be a sign of market manipulation or price adjustments.
How does trading volume across exchanges affect prices?
High trading volume reflects significant interest from investors and the potential for manipulation if the volume distribution is uneven.
How to recognize market manipulation?
Through indicators such as unusual funding rates, concentrated volume from a few large wallets, and the trading linkage between spot and futures.
Source: https://tintucbitcoin.com/myx-tang-manh-nghi-ngo-thao-tung/
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