🎯 $IRYS went 16x in a day, then lost 88% in under two hours. Binance has no spot market for it, only a perpetual.
🔸 Price: 0.0317 yesterday morning, 0.5041 around 19:00 UTC, now about 0.065, roughly 87% below the high.
🔸 Funding: at 20:00 UTC longs paid +2.0%, the maximum, in one settlement. Funding is the payment one side makes to the other to keep a perpetual near spot.
🔸 Open interest, the number of contracts still open, rose 60% into the 15:00 UTC peak, then fell about 57%. $2.8B traded in 24 hours against about $25M of open interest now.
What it means: more than half of the contracts open at the peak are gone, closed or liquidated. The accounts left are still about 54% long. I can't tell a squeeze from a trap on a coin like this.
What I'm doing: watching from the sidelines.
Data: Binance USDT-M futures, as of 12:18 UTC. Not financial advice.
🔸 Price: 0.0317 yesterday morning, 0.5041 around 19:00 UTC, now about 0.065, roughly 87% below the high.
🔸 Funding: at 20:00 UTC longs paid +2.0%, the maximum, in one settlement. Funding is the payment one side makes to the other to keep a perpetual near spot.
🔸 Open interest, the number of contracts still open, rose 60% into the 15:00 UTC peak, then fell about 57%. $2.8B traded in 24 hours against about $25M of open interest now.
What it means: more than half of the contracts open at the peak are gone, closed or liquidated. The accounts left are still about 54% long. I can't tell a squeeze from a trap on a coin like this.
What I'm doing: watching from the sidelines.
Data: Binance USDT-M futures, as of 12:18 UTC. Not financial advice.