MYX Finance: Rapid Rally Amid Airdrop Allegations
The native token of the decentralized perpetual exchange, MYX, has captured the attention of the crypto community by surging more than 1,400 % over the past week. As of 10 September 2025 the token closed at $13.4565, with a 52‑week high of $19.0135 and a 52‑week low that dipped to $0.0467 in mid‑June. The market capitalization stands at approximately $2.29 billion.
Price Momentum
The most recent rally began around 10 September, when the token jumped from roughly $1.30 to $18.45, marking an unprecedented all‑time high. By 12 September the price had stabilized near $13.45, a modest decline from its peak but still well above the level that drove the surge. The daily chart shows a 1.5 % dip over the last 24 hours, suggesting a brief consolidation after an extended uptrend.
Airdrop and Sybil Attack Allegations
The rally coincided with a highly publicised $170 million airdrop that drew scrutiny from several independent analysts. BubbleMaps, a blockchain analytics firm, alleged that the airdrop was marred by a Sybil attack, potentially inflating the distribution to a small set of addresses. The platform claimed that the airdrop may have affected 1 % of the total token supply.
In response, MYX Finance issued a statement stressing its commitment to fairness and transparency. The company denied any wrongdoing and highlighted that its airdrop was conducted through legitimate channels. However, the allegations persisted, with multiple media outlets reporting on the potential manipulation and its implications for investor trust.
Market Reaction and Analyst Sentiment
Despite the controversy, traders and market makers continued to show strong interest. Binance’s USD‑M perpetual futures market reported high trading volumes for the MYX/USDT pair, placing it among the top five by volume alongside major assets such as BTC/USDT and ETH/USDT. The high volume indicates that institutional and retail traders remain engaged, albeit with caution.
Analysts, however, have issued warnings about potential volatility. Comparisons have been drawn to the MANTRA (OM) collapse, suggesting that a similar “Mantra playbook” could unfold if the token’s governance structure and distribution mechanisms fail to address the alleged vulnerabilities. Several reports highlighted that the token’s price could experience a 70–85 % correction if the market reacts negatively to the ongoing investigations.
Investor Sentiment and Future Outlook
Investor sentiment appears mixed. On one hand, the dramatic price appreciation has attracted new participants eager to join the upside. On the other hand, concerns over the integrity of the airdrop and potential regulatory scrutiny loom large. Market analysts are monitoring developments closely, particularly any legal or regulatory actions that may arise from the alleged airdrop irregularities.
Looking forward, the token’s trajectory will depend on:
- Regulatory clarity – Confirmation of whether the airdrop complied with applicable securities laws.
- Community governance – The ability of the MYX community to address allegations through transparent processes.
- Market depth – Sustained trading volume in both spot and futures markets to support price stability.
Until these factors crystallize, MYX Finance’s price may remain subject to sharp swings. New investors should weigh the recent gains against the heightened risk profile brought on by the airdrop controversy.