- IRYS peaked at 0.32757 USDT on Bitget on October 23 and traded ~74% lower by early October 24.
- The token had climbed about 1,208% in 24 hours before the reversal.
- Short sellers lost ~$21.4 million to liquidations during the run.
On October 23, during the 19:00 UTC hour, Irys’s IRYS token peaked at 0.32757 USDT on Bitget. By 05:49 UTC on October 24, it was trading at 0.08631 USDT, approximately 74% below the top.
The same hourly candle closed at 0.11138 USDT and the next hour made a low at 0.06106 USDT, ~81% below the peak.
CoinGecko registered an all-time high of $0.296 at 19:24 UTC and priced IRYS at $0.0863 Saturday morning. At the high, those 2 billion circulating tokens were worth ~$592M.
Market cap is ~$174 million, with 20% of the 10 billion total supply in circulation.
The won pair at Upbit followed the same. It went from the 52-week low of 16.3 won on October 18 to a 52-week high of 450 won on October 23.
It was trading at 116 won early Saturday with about 954 billion won traded on a 24-hour basis.
IRYS climbed about 1,208% in a day before the reversal
The token opened on Bitget on October 23 at 0.02058 USDT. It had crept up through the morning, but leapt from ~0.044 to 0.14 between 15:00 and 17:00 UTC.
IRYS was up about 1,208% in 24 hours to $0.2806 at 3:21 p.m. ET, with a seven-day gain of ~2,083%. The price suggested a circulating value of around $561 million.
In the run, IRYS traded much higher than its May listing high of 0.08985 USDT on Bitget. Upbit opened trading for IRYS on won, bitcoin and USDT pairs on May 15.
Irys melds blockchain data storage with smart contract execution. IRYS is staked to validate the network and pays for storage and execution fees.
Even after the slide, IRYS was still up ~212% on Bitget’s rolling 24-hour window early Saturday. During that period, Bitget’s IRYS/USDT pair traded ~57.9 million USDT.
Short sellers lost ~$21.4 million on the way up
Over 24 hours, liquidations totaled ~$24.2 million, with ~$21.4 million from shorts and ~$2.8 million from longs.
Open futures positions on IRYS were about $1.22bn. The figure was also amplified by a higher price.
A forced short exit means buying the token back and this can push the price higher.
No source says what drove the run or the collapse.
Irys’s tokenomics lock team and investor tokens for the first year. Irys puts ~20% of the supply into circulation at launch.
On October 22, a Pump.fun token pushed by trader Clayton Kim’s Kimchi account rocketed to a ~$15 million market cap in minutes before losing over 98% of its value after the post was erased about 30 minutes later, according to Cryptopolitan.
Upbit’s won pair topped the IRYS trading volume. Korean traders have also sought out leverage offshore, where products linked to the Kospi index offer up to 150 times exposure, Cryptopolitan reported on October 2.
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FAQs
How much did IRYS rise and what price did it reach?
IRYS rose about 1,208% in 24 hours and peaked at 0.32757 USDT on Bitget on October 23.
How much money did short sellers lose on the IRYS move?
Short sellers lost ~$21.4 million to liquidations, out of ~$24.2 million in total.
What caused the IRYS rally?
No source has named a trigger for the rally or the reversal.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
