Traders saw over $40 million in liquidations as MYX Finance’s token surged from $0.10 to $16 in 60 days. Skew noted abnormal trading behavior with MYX jumping from $4 to $8, leading to massive liquidations.

MYX Finance has $55 million TVL and $5 million open interest, much less than HyperLiquid’s $712 million and $12.8 billion, respectively. Despite this, MYX’s fully diluted value rivals HYPE’s market cap at $17.7 billion.

With just 197 million tokens circulating and 80% of the supply locked, MYX could be susceptible to manipulation, as some traders have pointed out. Despite this, MYX has quickly climbed to become the 36th largest cryptocurrency by market cap.

Read more at Yahoo Finance: More Than $40M Liquidated as Market Makers Suffer Shattering MYX Short Squeeze