IRYS plunges 22% despite Mainnet launch and major listings.
Airdrop selling created heavy supply pressure and price weakness.
What needs to happen for buyers to reclaim $0.030 resistance zone?
IRYS, the native token of the new Layer-1 data chain, dropped 22% in the last 24 hours, a sharp sell-off that caught many traders off guard.
The timing was especially jarring. The project had just gone live on mainnet and secured a high-profile Coinbase listing, which are typically catalysts that lift a token, not sink it.
Instead, buyers stepped aside, trading volume leaned heavily toward sellers, and the price unraveled.
However, the downturn wasn’t caused by the listing alone. Several factors converged to push IRYS lower.
Here’s why the token plunged — and what could come next for the altcoin.
IRYS Gains Crypto Exchanges’ Attention
As mentioned earlier, IRYS officially launched its mainnet on Nov. 25, following two years of development.
Shortly after the launch, a wave of major exchanges began listing the token.
In addition to Coinbase, platforms such as KuCoin, Bitget, and MEXC have also added support for the IRYS crypto.
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Under normal circumstances, these listings would improve liquidity and broaden market access, which often helps stabilize the price.
However, increased liquidity doesn’t automatically guarantee upward price movement. In IRYS’ case, the market reacted differently.
Alongside the mainnet launch, the project initiated an airdrop distribution to a wide set of eligible participants.
This influx of newly unlocked tokens introduced immediate sell-side pressure, which contributed heavily to the price decline.
Airdrop Dumps Smash Post-Launch Hype
According to the project’s announcement, all holders of Irys Genesis NFTs automatically qualified for the airdrop.
“All holders of Irys Genesis NFTs are automatically eligible. The Genesis collection recognized the 999 people who contributed consistently in a variety of different ways during our pre-mainnet period,” It had stated on Nov. 20
Beyond NFT holders, the team also extended eligibility to select testnet users, vibe coders, and active Discord members who had been involved in community testing and development stages.
At launch, the IRYS crypto price opened at $0.037. However, as of this writing, the token has slipped to $0.027, marking a clear pullback from its opening valuation.
This rise in volume and decline in price indicate that a significant number of market participants have been actively selling into the post-launch liquidity.
If this remains unchanged, IRYS’ price is likely to continue trading at lower levels.
IRYS Price Prediction: Unclear
From a technical standpoint, IRYS is still in the process of price discovery. However, the chart suggests that a meaningful breakout to the upside may not be imminent.
A key factor contributing to this outlook is the negative reading on the Moving Average Convergence Divergence (MACD).
As shown below, the indicator remains below the signal line, indicating a fading momentum.
If this trend continues, the IRYS crypto could slide even further and potentially establish a new local low.
However, the outlook isn’t entirely one-sided. A shift in buying pressure, whether from rising market interest, fresh liquidity, or stabilizing sentiment, could help reverse the momentum.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
