Crypto market update: Controversial altcoins as daily winners

While Bitcoin and Ethereum remain in their sideways phase, controversial altcoins have been able to attract the attention of the crypto market in the past 24 hours.
The daily winner is Perps exchange MYX Finance. Its proprietary token gained over 40 percent. Recently, MYX gained 1,500 percent in three days, which some market observers interpret as the result of market manipulation. One analyst calls it “the most outrageous crime I've ever seen on Binance.”
Story Protocol also recorded a gain of over 20 percent. The IP token is benefiting from yesterday's launch of—who would have guessed these days—a treasury company. The project aims to revive copyright law, which has been undermined in the age of AI, but hasn't yet found much demand for it.
While projects like pump.fun, Hyperliquid, and Ethena are recording six- to seven-figure revenues per day and underpinning their rally with a profitable business model, the chain fees of IP blockchains are only in the double- to triple-digit range. Julius Nagel, General Partner of w3.fund, therefore draws a parallel to the speculative excesses in the film “The Big Short.” The exit of founder Jason Zhao also left a bitter aftertaste.

https://t.co/oSKRhnkz12 pic.twitter.com/vgZTxWskO9

— Julius (@julius_nagel) September 9, 2025

Mantle also gained over 12 percent. Some observers increasingly view the token as a BNB counterpart to Bybit, because its origin is closely linked to the crypto exchange via BitDAO, and MNT is gaining increasing utility in the Bybit ecosystem.
Pyth Network also recorded an increase of around 12 percent. The blockchain oracle is one of the few notable competitors to market leader Chainlink.
Meanwhile, USDe issuer Ethena has also entered Hyperliquid's stablecoin bidding war. The vote will take place on September 14.
Current inflation data from the US and the ECB's latest interest rate decision are likely to significantly influence the price performance of Bitcoin and other cryptocurrencies in the coming days. Today, investors are looking ahead to the August producer price data, which will be released at 2:30 p.m.

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