Merchants specifying on the native token of Myx Finance (Myx) were in a coarse awakening this week, with more than $ 40 million being liquidated in the last 24 hours while the Shadow project continued its uphill from $ 0.10 to $ 16 in the last 60 days.
Crypto Skew analyst wrote on X that Myx “exchanged quite normally between $ 2 and $ 4”, but things started to become questionable during a short targeted pressure that sent the $ 4 to $ 8 token.
“Obviously, following this trip, some liquidity suppliers or market manufacturers were made massive, in particular with significant liquidations that have occurred,” they added.
Myx Finance is a decentralized exchange which has only $ 55 million of total locked value (TVL) And $ 5 million of open interest, being overshadowed by people as a hyperliquidal who have $ 712 million and $ 12.8 billion respectively.
Despite the major disparity, MyX has an entirely diluted value of $ 17.7 billion, with a high -cost market capitalization of $ 17.5 billion. It should be noted that more than 80% of the Myx’s offer is currently locked, with only 197 million circulating tokens, which means that assets could be inclined to handle with an offer as limited as several traders have stressed X.
The rapid emergence of MyX saw it becoming the 36th largest cryptocurrency by market capitalization.
