MYX Finance Cryptocurrency Surges 1240% to New All-Time High of $17.94
MYX, the cryptocurrency of MYX Finance, increased by 1240% this week, reaching an all-time high of $17.94. Its market capitalization rose to $3.35 billion from under $200 million just a week prior.
Reasons for MYX Price Surge
- The price rally coincides with a significant rise in trading volume and interest in MYX Finance.
- Key factors include the upcoming V2 protocol upgrade offering zero-slippage trading and improved user experience.
- New listings, such as World Liberty Financial (WLFI), have attracted additional liquidity.
- Record derivatives activity was reported, with open interest at all-time highs.
- MYX Finance processed $10.3 billion in assets in August, significantly up from $1.6 billion in February.
Market Caution Advised
Analysts highlight the risk of overbought conditions following the recent surge. Concerns about potential rug pulls and profit-taking are prevalent among investors.
- Technical analysis indicates a shift from accumulation to markup, potentially leading to increased selling pressure.
- Other cryptocurrencies, such as MemeCore and Virtuals Protocol, are also showing signs of selling pressure.
Snorter Bot Update
Snorter Bot ($SNORT), a Telegram-based trading assistant, raised over $3.8 million in its presale, aiming to reach $4 million soon. It operates on Solana and plans to expand to Ethereum and BNB Chain.
- Token Symbol: $SNORT
- Price: $0.1039
- Funds Raised: $3.8 million
- Network: Solana