MYX Finance (MYX) experienced a severe market downturn on February 21, 2026, plunging 28.6% to $1.13 as heavy selling pressure engulfed the decentralized derivatives platform token.
The token’s price fell from $1.58 to $1.13 over the past 24 hours, with intraday trading reaching a high of $1.79 before bottoming at $0.937. The selloff erased $87 million in market capitalization, bringing MYX Finance’s total market cap down to $214.5 million, currently ranked #166 among all cryptocurrencies.
Trading Volume Surges Amid Price Collapse
Trading activity spiked significantly during the downturn, with 24-hour volume reaching $120.8 million. This elevated trading volume represents approximately 56% of MYX Finance’s current market cap, indicating intense selling pressure and potential capitulation among token holders.
The token’s hourly performance shows continued weakness, with an additional 2.1% decline in the most recent hour, suggesting the selloff remains ongoing without signs of immediate stabilization.
Extended Downtrend Deepens
Today’s crash extends a prolonged bearish trend for MYX Finance. The token has declined 57.3% over the past seven days and a devastating 81% over the past 30 days. Since reaching its all-time high of $19.03 in September 2025, MYX has lost approximately 94% of its value.
With 190.8 million tokens in circulation from a maximum supply of 1 billion, MYX Finance’s fully diluted valuation currently stands at $1.12 billion, representing significant future supply overhang that may continue pressuring prices.
Market Context
The dramatic decline comes as decentralized finance (DeFi) derivatives platforms face increasing scrutiny and competition in the evolving crypto landscape. MYX Finance operates as a decentralized perpetual exchange, but specific catalysts for today’s selloff have not been publicly disclosed.
The token’s market cap rank has fallen to #166, down from higher positions during its peak performance period. Current price levels represent a 2,332% gain from the June 2025 all-time low of $0.047, though recent holders have experienced substantial losses.
What Traders Need to Know
The combination of severe 24-hour losses, elevated trading volume, and extended monthly declines suggests MYX Finance is experiencing a significant de-risking event. Traders should monitor for potential support levels near the $0.937 intraday low and watch for any official announcements from the MYX Finance team that might explain the accelerated selloff.
The next critical support level to watch is the psychological $1.00 mark, while any recovery attempt would need to reclaim the $1.50 level to signal potential trend reversal.
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About the Author: Ananya Melhotra
