Irys token gives back about three-quarters of its value hours after record high

Irys’s IRYS token reached 0.32757 USDT on Bitget during the 19:00 UTC hour on October 23 and then fell to 0.08631 USDT by 05:49 UTC on October 24, about 74% below that peak; CoinGecko put the all-time high at $0.296 at 19:24 UTC. The token had opened on Bitget that day at 0.02058 USDT and rose about 1,208% over 24 hours before reversing. Irys combines blockchain data storage with smart-contract execution, and IRYS is staked to validate the network and pay storage and execution fees. Market capitalization was about $174 million, with 20% of the 10 billion total supply in circulation, while 24-hour liquidations totaled about $24.2 million, including $21.4 million from shorts.