It plummeted.
Post
老腊肉-kevin
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This IRYS pump, to put it bluntly, was just a short squeeze. Don't give me that AI storage narrative.
There was no real positive news at all. No mainnet upgrade, no new exchange listing—the project team has been quiet.
The real fireworks were in the futures data: over $24 million in liquidations in 24 hours, of which $21.4 million came from shorts getting wrecked. Perpetual futures surged 780% in four hours, shooting straight to 0.5. Spot only managed to catch up to 0.32 before getting dumped back to 0.1.
The circulating supply is only 20%, and the market is ridiculously thin, so it takes no effort for whales to pump it. Old hands in the community are saying this is exactly the same script as DOOD: wipe out the shorts, then let it plunge.
Technically, the 0.10 level is awkward. After getting dumped from 0.32, the price has been cut in half, then half again, leaving everyone who chased the pump stranded at the top. The 0.15–0.17 range above is a previous high-volume trading zone; without a surge in volume, it won't break through. Below, 0.095–0.10 is the last line of defense. If that breaks, the next stop is the 0.03 launchpad.
As for direction, I expect a short-term correction, not a rebound. Simple reason: most of the shorts are already dead, the fuel has run out, and the November unlock window is still hanging over the market.
$IRYS
There was no real positive news at all. No mainnet upgrade, no new exchange listing—the project team has been quiet.
The real fireworks were in the futures data: over $24 million in liquidations in 24 hours, of which $21.4 million came from shorts getting wrecked. Perpetual futures surged 780% in four hours, shooting straight to 0.5. Spot only managed to catch up to 0.32 before getting dumped back to 0.1.
The circulating supply is only 20%, and the market is ridiculously thin, so it takes no effort for whales to pump it. Old hands in the community are saying this is exactly the same script as DOOD: wipe out the shorts, then let it plunge.
Technically, the 0.10 level is awkward. After getting dumped from 0.32, the price has been cut in half, then half again, leaving everyone who chased the pump stranded at the top. The 0.15–0.17 range above is a previous high-volume trading zone; without a surge in volume, it won't break through. Below, 0.095–0.10 is the last line of defense. If that breaks, the next stop is the 0.03 launchpad.
As for direction, I expect a short-term correction, not a rebound. Simple reason: most of the shorts are already dead, the fuel has run out, and the November unlock window is still hanging over the market.
$IRYS
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.