MYX Finance (MYX) has crashed 20.2% in the past 24 hours, dropping to $1.57 and wiping out $75.4 million in market capitalization as the decentralized perpetuals trading platform faces intense selling pressure across cryptocurrency markets.
The sharp decline represents one of the largest single-day drops for the token, which reached an intraday high of $2.10 before plummeting to its current support level of $1.57. Trading volume surged to $22.9 million as investors rushed to exit positions.
Technical Breakdown Accelerates
MYX Finance has now declined 74.1% over the past week and 69.2% over the past month, indicating sustained bearish momentum. The token has fallen 91.6% from its all-time high of $19.03 reached on September 11, 2025.
The current market capitalization stands at $300.2 million, placing MYX Finance at rank #135 among all cryptocurrencies. With only 190.8 million tokens in circulation out of a maximum supply of 1 billion, the fully diluted valuation sits at $1.57 billion.
Market Context
MYX Finance operates as a decentralized perpetuals exchange protocol, competing in the increasingly crowded DeFi derivatives space. The platform allows traders to access leveraged positions on various crypto assets without intermediaries.
The recent price collapse follows a broader pattern of weakness in DeFi tokens throughout early 2026. However, MYX’s decline significantly outpaces the broader market, suggesting protocol-specific concerns may be driving the selloff.
Trading Analysis
Short-term traders have been particularly affected, with the token declining 1.7% in just the past hour. The 24-hour trading range between $1.57 and $2.10 represents a 33.8% intraday swing, indicating extreme volatility.
Despite the dramatic decline, MYX Finance has still gained 3,296% from its all-time low of $0.047 reached on June 19, 2025, though most of those gains have been surrendered in recent months.
What This Means for Traders
The sharp decline creates significant uncertainty for MYX holders. The $1.57 level now serves as critical support, with further breakdown potentially triggering additional liquidations. Volume patterns suggest selling pressure remains elevated, though capitulation signs have not yet clearly emerged.
Market participants should monitor for stabilization signals and any protocol announcements that might explain the accelerated selling. The token’s substantial decline from all-time highs raises questions about fundamental valuation and competitive positioning within the DeFi perpetuals landscape.
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About the Author: Ananya Melhotra
