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IRYS, the native token of Irys network, a Layer 1 (L1) programmable datachain, surged more than 570.65% on October 23 as trading activity increased sharply.
According to data from CoinMarketCap (on October 23 at 7:47 p.m. UTC), IRYS traded at $0.1417, up from a daily low near $0.02. Its market capitalization climbed to around $363.76 million, while 24-hour trading volume reached approximately $963.6 million.
Activity also increased in the derivatives market. Data from CoinGlass at the same timestamp showed futures trading volume rising 1,035.23% to approximately $7.22 billion. Open interest increased 897.87% to about $499.68 million.
The sharp increase in both spot and derivatives activity coincided with the price rally, although the available data does not establish a single catalyst.
Short liquidations add to trading activity
In an X post on Friday, crypto trader Zetoshi said IRYS had broken its previous all-time high and claimed that more than $18 million in short positions had been liquidated within four hours. A short position is a trade that benefits from an asset’s price falling. When the price rises instead, traders may be forced to buy back the asset to close their positions. These liquidations can add buying pressure and accelerate an existing rally.
Zetoshi suggested that short liquidations may have contributed to IRYS’s advance. The trader also pointed to a sharp increase in open interest before the token made its major move.
However, Zetoshi warned that the rally could lose momentum if fresh buyers stop entering the market. The trader said IRYS could face a sharp correction once short liquidations slow down and buying pressure weakens.
These observations reflect the trader’s interpretation of market activity rather than a confirmed explanation for the price increase.
Wallet holdings and token unlocks draw attention
Zetoshi also claimed that six connected wallets held 17.51% of the token supply covered by the investigation. The post highlighted two upcoming token unlocks: approximately 77.59 million IRYS on October 25 and 1.18 billion IRYS on November 25.
The trader further claimed that the team and private investors received 44.1% of the total token allocation. These figures raise questions about how much supply could enter the market as the unlock dates approach, although the information does not establish that holders will sell their tokens.
Traders report gains amid price swings
Some traders reported substantial gains during the rally.
X user Nehal claimed a 1,132% profit, while another user, HaxKai, reported a 1,334% gain after IRYS moved toward previously marked price levels.
Other market participants raised concerns about the token’s volatility. Umer, posting as Umer the Bull, alleged that IRYS rose 100% in one minute before falling 100% in the next. The trader described the movement as suspicious and warned that such price swings could put both buyers and sellers at risk.
These individual trading claims do not independently establish realized profits or prove that the reported price movements occurred across major exchanges.
The sharp price movements also highlight the risks of trading highly volatile tokens such as IRYS. Traders should exercise caution, particularly when prices rise rapidly alongside surging trading volumes and leveraged positions. Such conditions can reverse quickly, exposing buyers to steep losses if momentum fades.
Investors should also be alert to potential pump-and-dump activity, in which coordinated buying or misleading market promotion pushes a token’s price higher before holders sell into the rally. While the available information does not establish that IRYS is involved in such activity, its recent volatility and sharp price swings warrant careful risk assessment.
What is the Irys network?
According to the official website, Irys is a Layer-1 network built to bring data storage and execution together.
Its planned programmable data system aims to let smart contracts read stored data directly, allowing developers to build applications around shared on-chain information.
IRYS’s latest rally has coincided with a sharp increase in spot and futures trading, as well as attention to short liquidations and upcoming token unlocks. The available information does not yet establish what triggered the move or whether the elevated trading activity will continue.
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