Less than 0.001% chance MYX trading activity was organic: Report

Spokespersons from Rena Labs told Cointelegraph that the recent MYX trading patterns suggested almost certain market manipulation.

Trading of the MYX token, the cryptocurrency of the MYX decentralized exchange (DEX), featured hallmarks of market manipulation, according to a report from AI infrastructure company Rena Labs and market intelligence company Insider.Cash.

The report analyzed over 9,200 minute-by-minute data points between Sept. 9 and Monday, which found 249 trading anomalies regarding illiquidity, volume spikes, price ratios and trade intensity.

The researchers found that MYX liquidity anomalies on the Gate exchange spiked by 433% on Sept. 9, with a total of 32 illiquidity events on Sunday and Monday, signaling either intentional market manipulation or the exit of market makers, which provide liquidity and cushion markets during times of extreme stress.

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