Altcoin MYX Finance (MYX) has been in the spotlight after recording a 31% price surge in the past 24 hours, far outpacing the overall crypto market’s 0.59% increase.
According to CoinMarketCap data, this movement follows a parabolic rally of 1,205% in a week, placing MYX among the best-performing DeFi assets. The surge was fueled by high expectations for a major announcement and ongoing derivatives market dynamics.
MYX Finance prepares V2 upgrade as traders eye expansion
Furthermore, MYX Finance has confirmed plans to launch its version 2 (V2) upgrade in late September 2025. This update brings a number of superior features, including zero-slippage trading, portfolio margining, and support for non-EVM networks.
Community enthusiasm is evident, with social media volume related to “MYX V2” surging 310% in just 48 hours.
With a 24-hour trading volume reaching $571 million, ranking 12th in the DeFi sector, the market believes this upgrade has the potential to expand MYX’s user base. History also shows that DeFi tokens like dYdX often rise 60%–80% ahead of major releases.
Technically, this major rally was fueled by a short squeeze. On-chain data recorded the liquidation of $14.63 million worth of the altcoin short positions on September 8–9, coinciding with an 18% increase in open interest to $88.2 million.
However, the funding rate remains neutral at +0.008%, indicating the derivatives market has not yet entered an overheated phase. However, the Relative Strength Index (RSI) indicator is at 96.36, indicating extreme overbought conditions.
A potential correction to the $14.37 area, which coincides with the 23.6% Fibonacci level, could occur if momentum slows. Meanwhile, the MACD histogram is recorded at +1.56, indicating a still-dominant bullish trend.
On the other hand, market sentiment toward the altcoin was also shaken by allegations of a Sybil attack on September 9, 2025.
On-chain analysts discovered approximately 100 Sybil addresses receiving 1% of the MYX supply, worth approximately $200 million at its peak. This issue raised concerns about unfair airdrop distribution and the potential for substantial profits for insiders.
The pressure was further exacerbated by the fact that 39 million MYX tokens, worth $59 million, had just been unlocked. This raised concerns about selling by early investors and potential outflows to exchanges.