Irys token sheds about three-quarters of its value hours after record high
- —IRYS peaked at 0.32757 USDT on Bitget and traded at 0.08631 USDT by 05:49 UTC on October 24
- —Market cap is about $174 million with 2 billion tokens in circulation
- —24-hour liquidations reached $24.2 million, including $21.4 million in shorts
- —The IRYS/won pair on Upbit fell from 450 won to 116 won
Why it matters: The reversal after a 1,208% rally shows how leveraged positioning and thin liquidity can amplify a collapse in newly listed tokens.
Source: Cryptopolitan