IRYS experienced an explosive price surge of nearly 120% within 24 hours after South Korean exchange Upbit announced its listing. The token spiked from around $0.05 to an intraday high of $0.11 before cooling to near $0.0837, triggering a massive short squeeze.
Derivatives data revealed a stark imbalance: over $778,000 in short liquidations compared to just $149,000 in long liquidations. Trading volume soared 81% to $201.9 million, while open interest jumped 161%, indicating aggressive speculative positioning. The long-short ratio hovered near 1.02, giving bulls a slight edge.
Upbit initially scheduled trading for 8:00 PM on May 15, 2026, but delayed the start by 30 minutes to 8:30 PM for operational preparations. The listing covers KRW, BTC, and USDT pairs, with deposits and withdrawals activated roughly 1.5 hours after the announcement. Transfers are only supported via the Ethereum network, and standard listing protections apply: buy orders restricted for the first 5 minutes, sell orders below 10% of the previous closing price disallowed, and only limit orders accepted for the initial 2 hours.
IRYS is a programmable data chain combining data storage and smart contract execution on a single network, employing a hybrid proof-of-work and proof-of-stake consensus. The token is used for staking, fees, and reward distribution. Analysts expect increased liquidity and visibility, but caution that the initial discovery phase could bring extreme volatility. Key resistance now lies at $0.11; failure to hold $0.072 support may lead to a retracement toward $0.05.
