Over $40 Million Liquidated Amid MYX Finance Short Squeeze
Traders of MYX Finance's token (MYX) faced significant liquidations exceeding $40 million in 24 hours as the token surged from $0.10 to $16 within 60 days. Key points include:
- MYX traded between $2 and $4 before a short squeeze pushed it to $8.
- Analysts noted that this sudden price movement caused substantial liquidations among liquidity providers.
- MYX Finance has a total value locked (TVL) of $55 million and open interest of $5 million, significantly lower than competitors like HyperLiquid.
- Despite its low TVL, MYX boasts a fully diluted value of $17.7 billion, comparable to HYPE's market cap of $17.5 billion.
- Over 80% of MYX's supply is locked with only 197 million tokens circulating, increasing potential for price manipulation.
- MYX is now the 36th largest cryptocurrency by market cap.