MYX (MYX Finance) fell 21.75% in the last 24 hours.

Gate News Bot news, September 12, according to CoinMarketCap, as of the time of writing, MYX (MYX Finance) is currently priced at $12.87, down 21.75% in the last 24 hours, with a high of $18.96 and a low of $1.13. The current market capitalization is approximately $2.536 billion, a decrease of about $705 million compared to yesterday.

MYX is a decentralized derivatives trading platform that supports perpetual contract trading, cross-chain asset swaps, copy trading, and various decentralized financial services. MYX provides services through smart contracts on multiple blockchains such as ARB, LINEA, and OPBNB, without offering asset custody; users' assets are completely managed by the users themselves. MYX is currently conducting an airdrop event where users can receive $MYX rewards.

Important news about MYX recently:

1️⃣ The controversy over the association of the team with large airdrop wallets The MYX team is directly related to the wallet that received $170 million from its airdrop. By tracking the fund transfers of multiple on-chain addresses, it was found that one of the wallets receiving the airdrop is linked to the MYX creator. This discovery may raise concerns in the market about the project's fairness and transparency, impacting investor confidence.

2️⃣ Futures contract open interest surge The total open positions of MYX futures contracts across the entire network surged by 43.29% within 24 hours, reaching 376.17 million USD. Among them, the number of short sellers is greater, with a long-to-short ratio of 0.378 based on account numbers. This situation may exacerbate market volatility and trigger large-scale liquidations when prices rise, further pushing up prices.

3️⃣ Frequent large liquidation events MYX contract trading experienced a liquidation of 64.33 million USD in 24 hours, ranking first in the cryptocurrency market. Among them, short positions faced a liquidation of 52.96 million USD, far exceeding the liquidation of long positions at 11.38 million USD. This large-scale liquidation event reflects the extreme volatility of the market, which may lead to drastic price fluctuations.

From a technical perspective, the MYX price has experienced a pullback after a significant rise in the earlier period. The current price trend shows high volatility characteristics, and investors should closely monitor the performance of price support and resistance levels to assess potential rebound opportunities in the short term. At the same time, it is important to be vigilant about the long-term impacts that may arise from issues related to project governance and transparency.

This message is not intended as investment advice; investors should be aware of market volatility risks.