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Somnia (SOMI) price soars post mainnet launch amid numerous partnerships

  • Somnia is a SoftBank-backed Improbable’s Layer 1 blockchain network.
  • Somnia’s token price is rallying after 10 billion testnet transactions and the mainnet launch.
  • Somnia has partnered with ZNS Connect for .somnia domains and decentralised identity tools.

Somnia (SOMI) token has seen a dramatic upswing in value, climbing more than 40% in the past 24 hours and marking a significant step for one of the newest entrants in the blockchain space.

With strong trading volume and multiple partnerships fueling momentum, SoftBank-backed Improbable’s Layer 1 is emerging as a serious contender in the Web3 arena.

Why is the price of Somnia cryptocurrency rising?

Somnia (SOMI) is currently trading around $1.60, with a market cap of more than $260 million.

At its peak, Somnia touched an all-time high of $1.84, only days after hitting an all-time low of $0.38.

This sharp swing highlights the intense market activity surrounding the project, amplified by trading volumes that surpassed $898 million within 24 hours.

Somnia’s surge can be traced back to the successful launch of its mainnet six days ago.

The mainnet launch came after the network processed more than 10 billion testnet transactions, a figure that signalled both the robustness and scalability of its underlying technology.

The mainnet launch generated strong market confidence, which quickly translated into a rally in SOMI’s value as investors rushed to secure early positions.

Beyond the technical milestones, Somnia’s partnerships are also proving to be a strong catalyst for price growth.

The network recently announced its collaboration with ZNS Connect to create decentralised identity solutions.

Through this partnership, users can mint .somnia domains, deploy smart contracts, and interact directly on-chain.

Notably, the integration of identity with utility has added a layer of uniqueness that makes the ecosystem more attractive to both developers and users.

Another crucial boost came from Somnia’s partnership with TheResidncy, a platform that connects sports fans with their favourite athletes through interactive live events.

In just six sessions, the collaboration attracted over 121,000 unique fans, peaking at 22,000 concurrent participants and recording 245,000 messages and reactions — all processed fully on-chain via Somnia.

This not only demonstrated the network’s ability to scale under heavy demand but also introduced a compelling real-world use case that resonates with global audiences.

Somnia price outlook

With the token’s price climbing more than 300% from its lows and trading activity showing no signs of slowing, the short-term outlook appears bullish.

The project has successfully combined market excitement with clear utility, which is often a critical factor in sustaining long-term growth.

However, as with most emerging cryptocurrencies, volatility remains a key consideration.

The price is just under its record high, and profit-taking could cause sharp swings in the days ahead.

Nevertheless, the fundamentals — particularly the network’s capacity to handle large-scale activity and its focus on identity-driven Web3 experiences — provide a strong foundation for continued expansion.

The back-to-back partnerships are also setting it apart in a crowded market.

If the platform can maintain its momentum and deliver on its roadmap, the SOMI token may continue to attract investor interest well beyond its post-launch rally.

The post Somnia (SOMI) price soars post mainnet launch amid numerous partnerships appeared first on CoinJournal.

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HYPE tops $50, overtakes Chainlink in the market cap list

TL;DR

  • The crypto market has begun the new week positively, with BTC trading close to $112k.
  • HYPE has overtaken Chainlink’s LINK, up nearly 8% today.

HYPE overtakes LINK on the market cap list

The cryptocurrency market is having a positive start to the week, thanks to Bitcoin and other major coins rallying higher. BTC, the leading cryptocurrency by market cap, is up 1% in the last 24 hours and is now trading at $111,800 per coin.

The positive performance also sees altcoins rallying higher, with HYPE leading the way. Ether is trading above $4,300 after adding 0.4% to its value, while XRP is approaching $3 as it is up by more than 3% in the last 24 hours.

Dogecoin’s DOGE and Hyperliquid’s HYPE are the best performers in the top 20. HYPE is up by nearly 20% in the last 24 hours, outperforming other major cryptocurrencies over the past few hours.

At press time, HYPE is trading at $50.7 after hitting the $51 mark earlier today. Thanks to this positive performance, HYPE has now surpassed Chainlink’s LINK and is now the eleventh-largest cryptocurrency by market cap.

HYPE eyes a new all-time high

HYPE is currently less than 1% away from the all-time high price of $51.04 it set 12 days ago. The coin could rally to a new all-time high in the coming hours as the trend remains bullish.

The HYPE/USD 4-hour chart is bullish and efficient, suggesting that the bulls could be gearing up for another leg up. The RSI of 73 shows that HYPE could soon enter the overbought region if the bullish trend continues. The MACD lines have also crossed into the positive region, suggesting that buyers are firmly in control.

HYPE/USD 4H Chart

If the bullish trend continues, HYPE could surge past $51 and set a new all-time high around $55 over the next few hours. An extended bullish run would see HYPE hit $60 in the coming days or weeks.

However, HYPE currently faces a rejection candle at the $51 mark. If the market undergoes a correction, HYPE could retest the $48 low over the next few hours. The support level at $46.85 should hold HYPE in the near term, unless the market sentiment turns extremely bearish.

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Myx Finance (MYX) price continues to rise despite insider manipulation fears

  • Myx Finance (MYX) hits $4.20 after a 160% daily surge with record trading volumes.
  • Analysts have flagged token unlocks and whale-driven short squeezes as red flags.
  • The Myx Finance V2 upgrade hype and new exchange listings are fueling the bullish market sentiment.

The price of Myx Finance’s native token, MYX, has surged to fresh highs, making it one of today’s top gainers in the crypto market.

The price surge comes as excitement builds around the platform’s forthcoming protocol upgrade, even as traders and analysts voice growing concerns about insider activity and manipulation.

Myx Finance token price hits new ATH

MYX climbed as high as $4.20 on September 8, marking a new all-time high and cementing its place among the day’s top gainers.

MYX Finance price chart

The rally has been extraordinary in scale, with the token jumping more than 160% in the past 24 hours and over 260% during the last week.

Notably, the token’s market capitalisation has risen above $520 million, while fully diluted valuation now exceeds $4 billion.

The trading activity behind the rally has also been notable.

In a single day, MYX registered more than $328 million in trading volume, a sharp increase compared to earlier in the month.

The derivatives market has been even more heated, with perpetual futures volumes reported at more than $4 billion and open interest more than doubling, according to data from Coinglass.

MYX fiannce futures open interest

Together, these numbers point to speculative traders piling in, pushing leverage and volatility higher.

Hype builds around Myx Finance’s V2 upgrade

Part of the optimism stems from the upcoming launch of Myx Finance’s V2 upgrade.

The new version promises features such as zero-slippage trading, cross-chain support, and a more seamless user experience.

Supporters argue these improvements could make MYX a stronger rival to established decentralised exchanges.

Interestingly, the upgrade hype has coincided with fresh listings on larger exchanges, including Binance Alpha, which has boosted liquidity and widened access to the token.

Reports of institutional wallets accumulating MYX ahead of the update have further fueled confidence.

This combination of technical improvements and stronger market access has helped sustain bullish momentum, even as critics warn that the price is running ahead of fundamentals.

Concerns over insider activity

As the MYX token continues to rise, questions have arisen about the sustainability of the rally as several developments cause concerns.

One of the issues under scrutiny is the timing of the recent 39 million token unlock that coincided almost perfectly with the price surge, raising questions about whether early holders were using the retail rush to offload holdings.

In addition, several analysts have flagged red flags that point to manipulation.

Commentators such as Dominic, a well-followed Web3 analyst, argue that whales deliberately triggered short squeezes to push the price higher and liquidate leveraged positions.

In support of the concerns raised by Dominic, Coinglass’ liquidations data shows that more than $13.77 million worth of shorts were wiped out in a single day, creating forced buying pressure that exaggerated the rally.

On-chain data has also shown coordinated buying across exchanges, with multiple small trades funnelled into central wallets — a pattern consistent with wash trading.

Notably, the current occurrences mirror earlier episodes in the project’s history.

In August, MYX gained nearly 2,000% before crashing more than 60% in the weeks that followed; a pattern reminiscent of the collapse of Mantra earlier this year, when suspected insider activity triggered a sudden 90% crash in a single hour, erasing billions in value.

MYX Finance price outlook

Despite these warnings, not all data points to an imminent collapse.

Some monitoring groups have noted that whales have not yet engaged in large-scale sell-offs, suggesting they may be content to hold their positions for now.

This has lessened immediate concerns of a mass exodus, although the risk remains high.

However, for retail traders, the split in market opinion creates uncertainty.

On one hand, MYX has real momentum, with an upgrade that could expand its utility and strengthen its position in decentralised finance.

On the other hand, the heavy reliance on leveraged trading, the suspicious timing of token unlocks, and the echoes of past pump-and-dump activity mean the asset carries significant risks.

Whether the MYX price surge proves to be a sustainable breakout or a prelude to another steep correction will likely depend on how much of the current momentum is driven by genuine demand — and how much by insiders looking for an exit.

The post Myx Finance (MYX) price continues to rise despite insider manipulation fears appeared first on CoinJournal.

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Metaplanet buys 136 BTC, total holding reaches 20,136

  • CEO Simon Gerovich said in a post on X that the purchase was made at an average price of roughly $111,666 per Bitcoin.
  • Bitcoin steadied near $111,300 on Monday after gaining nearly 3% last week.
  • The new acquisition brought Metaplanet’s total holdings to 20,136 BTC.

Japanese Bitcoin treasury firm Metaplanet announced Monday that it purchased an additional 136 BTC for about $15.2 million, as it continues to build its cryptocurrency reserves.

CEO Simon Gerovich said in a post on X that the purchase was made at an average price of roughly $111,666 per Bitcoin.

The new acquisition brought Metaplanet’s total holdings to 20,136 BTC, acquired at approximately $2.08 billion based on the company’s cumulative purchase price of $103,196 per bitcoin.

According to BitcoinTreasuries data, Metaplanet now ranks sixth globally among publicly traded companies with Bitcoin reserves, behind Strategy, Mara, XXI, Bitcoin Standard Treasury Company, and Bullish.

Michael Saylor’s Strategy remains the largest corporate holder, with 636,505 BTC.

Shares of Metaplanet dipped following the announcement. The stock slipped 1.2% around midday Monday in Japan, while US-traded shares closed down 1.6% at $4.86 on Friday.

The company’s stock has dropped 30% over the past month but remains up 101% year-to-date.

El Salvador adds Bitcoin on anniversary

In a separate development, El Salvador President Nayib Bukele said Monday that the country acquired an additional 21 BTC to mark “Bitcoin Day,” the anniversary of the law making the cryptocurrency legal tender in September 2021.

The purchase brought El Salvador’s total holdings to 6,313 BTC, according to its Bitcoin Office.

The move comes after a July report from the International Monetary Fund, which stated that El Salvador had not added to its bitcoin reserves since signing a $1.4 billion loan agreement in December 2024 that required it to scale back purchases.

Bitcoin price outlook

Bitcoin steadied near $111,300 on Monday after gaining nearly 3% last week, rebounding from three consecutive weeks of declines.

The price remains below its all-time high of $124,474 but has recovered modestly amid improved risk sentiment in global markets and growing expectations of a Federal Reserve interest rate cut.

Technical indicators show momentum improving.

The Relative Strength Index (RSI) on the daily chart stood at 46 and pointed upward toward its neutral 50 level, signalling that bearish momentum is fading.

If Bitcoin sustains its recovery, analysts see potential for a move toward resistance near $116,000.

Ethereum has been trading in a narrow range between $4,232 and $4,488 over the past nine days.

It was last seen near $4,300 after rebounding from its lower boundary.

A daily close above $4,488 could open the path toward its record high of $4,956 if support at $4,232 continues to hold.

 

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