IRYS Tops $0.32, Then Retreats to $0.10 After 280% Rally

IRYS climbed above $0.32 in spot trading before retreating to about $0.10, while its 24-hour gain exceeded 280% in the market snapshot. The sharp reversal came alongside a much larger jump in perpetual contracts. IRYS perpetual contracts briefly topped $0.50, rising more than 780% over four hours. Contract prices and percentage gains ran well ahead of spot trading before retreating along with the token. Market activity may have reflected short-squeeze pressure in the derivatives market. The market snapshot valued IRYS at $266 million.

Source: TokenPost