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IRYS token spikes over 280% then plunges amid heavy perpetual contract trading and possible short squeeze.

Market News
23 Oct 2026
Tokenpost
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IRYS token spikes over 280% then plunges amid heavy perpetual contract trading and possible short squeeze.

The IRYS token saw a dramatic price surge, climbing above $0.32 before dropping back to around $0.10, marking a 24-hour gain of over 280%. Meanwhile, its perpetual contracts soared even higher, briefly exceeding $0.50 with gains over 780% within four hours. This extreme volatility and price gap between spot and leveraged contracts suggest a short squeeze in the derivatives market. IRYS, linked to an AI data-chain theme, has active perpetual contracts on exchanges like OKX and HTX, which may have fueled the intense trading activity and sharp price swings.

As of Oct 24, 2026 09:41 WIB, IRYS trades on Pluang at Rp1.871, showing a 1-day gain of 286.37%. The token's market cap stands at Rp5,2T with a 24-hour trading volume of Rp26,54T. Pluang data also reveals a nearly balanced order activity with 51% Sell and 49% Buy, and a typical hold time of 4 days, highlighting active engagement despite the token's recent volatility.

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