I've been studying the Mycenaeans for a while and came across references (on wikipedia) to founder myth for Argos. In this myth, Danaus, a king of Egypt, is ultimately responsible for founding Argos (and by extension Mycenae), after he takes it by force from the current "Pelasgian" ruler. Surprisingly, I have never come across this story in any other context.

So my question is what is the historical significance of this story? We know that the Mycenaeans had decent trading relationships with Egypt and were probably visited by them at least once. Does it really insinuate that an Egyptian ruler played a part in founding Mycenaean civilisation, or is it something essentially fabricated by later Greeks as a result of their relationship with Egypt?