MYX (MYX Finance) rose 106.19% in 24 hours.

Gate News Bot news, August 6th, according to CoinMarketCap, as of the time of this report, MYX (MYX Finance) is currently priced at $0.97, with a 24-hour rise of 106.19%, reaching a high of $2.09 and a low of $0.10, with a 24-hour volume of $274 million. The current market capitalization is approximately $153 million, an increase of $78.8 million compared to yesterday.

MYX Finance is a decentralized derivatives trading platform that supports perpetual contract trading, cross-chain asset exchange, copy trading, and other decentralized financial services. MYX provides services on multiple blockchains such as ARB, LINEA, and OPBNB through smart contracts, allowing users to manage their assets independently through non-custodial wallets.

Important news about MYX recently:

1️⃣ Massive short liquidations drive prices soaring The price of MYX surged 477% in a short period, mainly due to approximately $9.9 million in short positions being forced to close. This large-scale liquidation event significantly boosted MYX's market price, becoming the main driving force behind the recent rise in price.

2️⃣ The bullish sentiment across the entire network drives MYX upward The cryptocurrency market is showing an overall positive trend, with many token prices generally rising. As an emerging decentralized derivatives trading platform, MYX benefits from this widespread market optimism, with its price performance strongly following the upward trend of the market.

3️⃣ The platform continues to optimize and enhance user experience MYX Finance has recently made several improvements in its products and services, including adjustments to the trading fee structure and optimization of the user interface. These measures have effectively enhanced the platform's user-friendliness and trading experience, potentially attracting more investors to participate and indirectly driving the rise in token prices.

From a technical perspective, MYX's price has shown a significant rising channel in the short term, but it is also accompanied by considerable volatility. Investors should closely monitor the risk of price pullbacks and be wary of potential profit-taking behavior.

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