MYX Finance (MYX) experienced a severe selloff on February 23, 2026, plunging 28.4% to $0.717798 as the decentralized finance protocol faces mounting selling pressure.
The token’s market capitalization fell by $52.4 million to $139.4 million in the past 24 hours, dropping its market rank to #203. Trading volume surged to $30.4 million as investors rushed to exit positions, representing approximately 21.8% of the token’s total market cap.
Sharp Decline Across Multiple Timeframes
MYX Finance’s price action reveals deepening weakness across all major timeframes. The token declined 18.2% in the past hour alone, indicating accelerating selling pressure. Over the past week, MYX has shed 66.6% of its value, while the 30-day performance shows a catastrophic 87.5% decline.
The token touched a 24-hour low of $0.732 before recovering marginally to current levels. The daily high of $1.019 now stands 42% above current prices, highlighting the severity of today’s downturn.
Distance from All-Time High Widens
MYX Finance now trades 96.1% below its all-time high of $19.03 reached on September 11, 2025. The dramatic reversal from peak levels represents one of the steeper declines among ranked DeFi protocols in recent months.
Despite the current distress, the token remains 1,475% above its all-time low of $0.047 set on June 19, 2025, during its initial trading period.
Supply and Valuation Metrics
With 190.8 million tokens in circulation out of a maximum supply of 1 billion MYX, the current circulating supply represents just 19.1% of total token allocation. The fully diluted valuation stands at $730.8 million, suggesting significant dilution risk as more tokens potentially enter circulation.
Market Context
MYX Finance operates as a decentralized perpetual trading platform, competing in an increasingly crowded DeFi derivatives sector. The protocol’s sharp decline coincides with broader pressure across DeFi tokens, though MYX’s losses significantly exceed sector averages.
The elevated trading volume relative to market cap suggests capitulation selling may be underway, though no official statement from the MYX Finance team has addressed the price action as of publication time.
This is a developing story. Trading data current as of February 23, 2026, 01:07 UTC.
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About the Author: Ananya Melhotra
