XRP, a well-known digital asset in the crypto ecosystem, has been outpaced in trading activity by MYX, the token powering the MYX Finance decentralized exchange. Over the past 24 hours, MYX surged more than 200%, triggering substantial liquidations and dominating trading volumes across several top markets.

MYX’s Meteoric Rise Triggers Massive Liquidations

MYX Finance, a decentralized derivatives protocol on the BNB Chain, witnessed its native token spike from approximately $6.28 to $17.75. This exponential increase catapulted its market capitalization to over $2.1 billion, overtaking assets like Algorand and securing a spot among the top 50 cryptocurrencies by market cap.

Further data from Cryptorank placed MYX’s fully diluted valuation at around $17.7 billion, which would place it among the top 30 crypto assets today. The rally also marked a significant shift in the derivatives landscape, with MYX’s derivative volume spiking by over 100% to exceed $11 billion.

According to CoinGlass, short-sellers betting against MYX suffered a combined loss of $48.7 million—exceeding the liquidations seen in Ethereum ($48.5 million) and Bitcoin ($39 million) over the same period.

MYX’s volume spike surpasses XRP amid crypto market shake-up.

Overtaking XRP and Cardano in Trading Volume

The sharp rise in price and trading activity pushed MYX ahead of other major tokens. Within 24 hours, it not only surpassed Cardano’s ADA by a factor of five in volume but also exceeded XRP by roughly $4 billion. This broke into the ranks of the top five most traded digital assets globally within a single day.

MYX’s growth has been nothing short of extraordinary — delivering more than 18,000% gains since launch and setting a new all-time high with this latest rally.

Market Reactions and Speculation

This dramatic rise has not gone unnoticed. Some traders highlighted potential market orchestration, with Skew, a prominent crypto analyst, stating that the lack of resistance and rapid rally could indicate monopolistic control over MYX supply. “The token has consequently moved up 166% or 2.6x without resistance or competition,” he warned.

However, not everyone shares this skeptical view. Others have drawn a more optimistic comparison to Hyperliquid, another rising star in decentralized perpetual trading. Crypto trader Purrteil emphasized that MYX’s spike showcases growing interest from investors, venture capitalists, and institutional players in the decentralized derivatives market.

MYX Finance’s Underlying Platform

At the heart of the MYX Finance ecosystem is its BNB Chain-based perpetual exchange designed to offer reduced slippage and improved execution through a “Matching Pool Mechanism.” This structure pools liquidity and supports trading across multiple blockchains, ensuring capital efficiency and multi-chain operability.

According to its own data, MYX Finance has onboarded over 177,000 traders and processed a lifetime volume of $95.6 billion, locking in $59.3 million in total value. These impressive figures reflect confidence in the platform despite market whispers of instability.

Related: XRP Price: $12M Max Pain for Bears

In a highly competitive landscape where XRP and other legacy crypto assets like Bitcoin and Ethereum often dominate, MYX’s rise points to a broader shift. Traders and investors are increasingly eyeing innovative, decentralized infrastructures as the next big thing in crypto finance.