A recent report suggests that the trading activity of the MYX token, the cryptocurrency associated with the MYX decentralized exchange (DEX), is potentially manipulated. According to the report by AI infrastructure company Rena Labs and market intelligence company Insider.Cash, there is less than a 0.001% chance that the observed trading activity was organic.

The report analyzed over 9,200 minute-by-minute data points from September 9 to the Monday of this week, identifying 249 trading anomalies related to illiquidity, volume spikes, price ratios, and trade intensity. These anomalies raise concerns about the authenticity of the trading activity and suggest possible market manipulation.

One notable finding was a 433% spike in MYX liquidity anomalies on the Gate exchange on September 9. Furthermore, the analysis revealed a total of 32 illiquidity events on Sunday and Monday, which could indicate intentional market manipulation or the departure of market makers. Market makers play a crucial role in providing liquidity and stabilizing markets during periods of volatility.

The report also highlighted a 67% contraction in the average trade sizes of MYX tokens during periods of peak illiquidity. Additionally, trading frequency decreased by 45% during the observed trading period, falling from 157 to 86 trades per minute.

Interestingly, bid-ask spreads, which typically widen during illiquidity and contract during high liquidity, displayed "paradoxical" behavior. The bid-ask spreads contracted to 8.2% on Monday from 15.8% on September 9. This unusual behavior was a red flag for the researchers, who stated that the synchronization of extreme deviations across market microstructure metrics suggests coordinated manipulation strategies rather than organic trading activity.

Spokespersons from Rena Labs told Cointelegraph that the findings point towards potential coordinated, multi-vector manipulation strategies, rather than organic trading activity driven by fundamental news or natural market forces.

MYX Finance has recently experienced significant price volatility. On September 17, 2025, the price of MYX jumped 41.47% in 24 hours, although it was still down 14.65% over the week. At that time, MYX had a market cap of $3.09 billion and a 133% spike in trading volume. Whale activity and liquidations have been cited as potential drivers of the price surge, along with excitement around the upcoming V2 upgrade.