IRYS Plunges 70% in 24 Hours After Short Squeeze and Leverage Surge
- —IRYS trades near $0.031 after hitting $0.32 the previous day
- —Liquidations over 24 hours totaled $68.5 million, with $59.1 million in shorts
- —Open interest climbed to $860 million–$1.2 billion
- —Futures volume surged 1,035% to more than $7.2 billion
Why it matters: The case shows how leveraged overheating in small-cap tokens can trigger violent reversals and cascading liquidations.
Source: Bloomingbit