MYX Finance price rallies 13x but Bubblemaps claims airdrop sybil activity and insider trading

MYX Finance price surged 13x in a week, but new on-chain data and insider trading claims are raising questions about whether the rally is engineered or sustainable.

MYX Finance (MYX) is trading at $17.08 at press time, up 31% in the past 24 hours and about 1,320% in the last seven days. The surge has pushed its market cap past $2.13 billion, with a fully diluted valuation of $17 billion. The token now trades 350x above its all-time low of $0.047 set on June 19.

Bubblemaps flags $170M airdrop cluster

Despite the rally, on-chain analytics firm Bubblemaps raised concerns over possible insider trading and sybil behavior. In a Sept. 9 thread on X, the firm traced around 100 freshly funded addresses that claimed nearly 9.8 million MYX tokens, roughly 1% of supply, worth about $170 million at current prices.

These wallets were all funded through OKX on April 19 at the same time, received similar amounts of BNB (BNB), and later claimed MYX in near-identical patterns. Bubblemaps suggested this could be “the biggest airdrop sybil of all time.”

MYX Finance responded by stressing its commitment to openness, noting that some addresses had been changed at user request. The exchange admitted that high-volume participants may have concentrated rewards but argued this did not violate its principles as a decentralized perpetuals exchange.

Insider trading allegations resurface

Earlier on Sept. 7, Web3 commentator Dominic also raised red flags about “questionable activities” behind the rally. In a post to his 44,000 followers on X, he accused whales and insiders of orchestrating a pump-and-dump through wash trading, forced short squeezes, and coordinated buying across multiple exchanges.

Dominic pointed out that MYX’s daily perpetuals volume surged to $6–9 billion, which is a disproportionate amount for a token of its size. Bitget, PancakeSwap (CAKE), and Binance all showed similar trading trends, and in a single day, over $10 million worth of shorts were liquidated.

The concerns coincided with a major unlock event that released nearly 39 million MYX tokens into circulation. Analysts question whether the price spike would last due to speculation that insiders might have used the rally to sell off holdings into retail-driven demand.

MYX Finance price technical analysis

The MYX price chart shows a parabolic breakout from $1.10 to a recent high of $18.37 within a week. The current levels confirm strong bullish momentum as they are well above the 20-day SMA at $3.42 and the 10-day EMA at $7.96.

At 97, the relative strength index indicates that the market is significantly overbought. The commodity channel index is hovering in a reversal zone. Momentum and MACD, however, are still in buy territory, indicating that the uptrend is still strong.

The $18–$20 range is emerging as resistance, while support levels are located close to $13.60 and $7.95. Given the move’s vertical nature and high RSI, a failure to hold above $15 could result in a steep correction. On the other hand, MYX may move deeper into price discovery if bulls break through $20 during the subsequent leg higher.