What's up, everyone. I've noticed that this crypto keeps climbing in price... it feels kinda odd how it's growing, like maybe they're using some Ponzi scheme or something... I'd like to hear your thoughts on MYX finance, especially since it's being traded on platforms like bitget, kucoin, binance future, and bybit! Appreciate it.
It's still a new project and have pumped a lot. I'm not sure if it's a ponzi because I haven't looked at it yet. But the pump that it has made is significant and had made a lot of attention to be honest. A quick glance on it, it's an exchange so, just like other projects like hyperliquid, and other common exchanges, this is their native token but I haven't traded there yet. I wouldn't jump on it when it's currently pumping, don't catch the falling knives!
That's literally the same as Ponzi. However, it's all done by the VCs who invested on such project. The VC was behind this non sense pump is that "Wintermute". They're always pumping the token they hold, then created massive dump to exit from the market, and retail has always been their victims.
The same thing happened in the past with Mubarak. This meme pumped from 0.006 to the close 20 cents, then Wintermute exit by selling all of their hold, and create massive dump. Don't be surprised if it will happen with MYX soon. Never buy MYX this time or you will lose your money as exit liquidity.
The last words are very good don't get hit by a falling knife, it will injure you.
It seems MYX is indeed cooking, they're manipulating the price to create a feeling of FOMO. People are buying it despite the lack of fundamentals and the lack of a community. Because judging by the upward trend, it's impossible without developer intervention. You might be able to profit from short-term trading (especially since the price continues to rise), but you need to understand that the price can suddenly plummet. So, remain cautious when trading new projects.
If you're asking, Did I get the 300%+ move in MYX yesterday? the answer is no.
Did I get the 300% move in BAKE or any other coin? the answer is no.
For me, right now, I'm solely focused on my BTC portfolio. Because that's clear to me, and I don't dare take risks with new coins.
Be prepared for another TRB. It will go up really high then it will go down before you can sell your coin because it's all manipulation. If you long this coin then just be careful, watch the market every second since things can change really fast with these kind of price action. You look away and suddenly price changed drastically.
Just like you, I'm focusing as well with my bitcoin holdings because that's what I want to get the max out. I've got too many alts that have failed me and my expectation. Maybe I am just no good at all or the timing is bad for me. But those that were able to make themselves out of this token, you're doing it good and don't forget that you should take profits while you can because it's going to take a while until you see these prices again.
Price starting to dump for this coin. I guess distribution phase ended.
However, in the twitter there seem to be rumour about biggest sybil activity ever that claimed $170m. That's definitely crazy amount.
The crazy thing is, people still buy this coin despite that. Those sybil can dump and people doesn't seem worried about it for some reason.
I would've dumped the first second I heard that rumour.
I think there are a number of dealers who do POM POM on this project coin, considering that previously there were some traders who had short this coin and then in the forced liquidation of their position with increasing the price of this coin and lost almost 7 million dollars if I did not LPA, even though the value was not that expensive, this was quite crazy.
Even my short position was also tinged with liquidation because of this coin and spent 90% of my USDT in Exchange, this was indeed beyond reason for the price increase.
Meh, people continue to buy coins which pump for not actual reason because of ignorance and greed, it is one of the purest states of FOMO and greed, I have personally reached a state in which whenever I see a coin pumping hard in the last week I restrain myself from buying a position, because I know it may be already too late for me to get profits.
It is baffling how there are so many people out there who lacks this basic level of understanding and end up holding the bags indefinitely.
Also, I would question the morality of those exchanges which allow such shady coins to be listed on their websites.
True, you have to be there before it start pumping, I was one of the few that saw MYX finance, I could have bought some of the tokens but financial problems got the best of me so I left it alone, its a shame, either the pump is manipulation or not it doesn't make any difference because we are here to make the money bag, either through a manipulated coin or not.