IRIS (IRYS) Surges After Upbit Listing…DePIN Theme and Exploding Trading Volume Noted

▲ IRIS (IRYS)/Source: X

The effect of Upbit's new listing exploded. IRIS (IRYS) surged by over 25% immediately after its simultaneous listing on the KRW, Bitcoin, and Tether markets, quickly emerging as a key asset in the Upbit market.

According to Upbit as of 9:06 PM on May 15, IRIS was trading at 129 KRW in the KRW market, marking a 25.24% increase compared to the previous day. The intra-day high was 146 KRW, and the low was 98.9 KRW. The 24-hour trading volume surged to approximately 335 million IRYS, with a trading value of about 42.762 billion KRW. According to Upbit's announcement, the start time for trading support was changed from 8:00 PM to 8:30 PM.

Market analysis suggests that the current surge is due to the simultaneous impact of a strong DePIN (Decentralized Physical Infrastructure) sector and the effect of Upbit's new listing. According to CoinMarketCap, a cryptocurrency market data aggregator, IRIS rose by 55.45% in the last 24 hours, significantly outperforming the overall cryptocurrency market's 1.28% increase. In particular, the surge of Star Power (STAR), a DePIN-related asset, by over 236% since its listing, had a significant impact, drawing capital into the broader Artificial Intelligence (AI) infrastructure theme.

The surge in trading volume also bolstered the bullish trend. According to CoinMarketCap's analysis, IRIS's trading volume surged by 109.9% in 24 hours, reaching approximately $100.6 million. The market views this as a strong signal for a short-term trend reversal, with a large influx of new buying power after breaking out of the previous sideways range. Indeed, on Upbit, IRIS quickly entered the top ranks by trading value immediately after its listing, indicating rapid investor interest.

The short-term key factor is whether the upward trend will be maintained. The market considers the $0.0613-$0.0636 range as a critical support level. If this range is maintained, there is a possibility of continued attempts to re-break the recent high of $0.0695. Conversely, if the overheating trend in the DePIN sector slows down or the support level breaks, a correction to around $0.0545 is also possible.

However, the recent anticipation of the passage of the U.S. cryptocurrency market structure bill, the Clarity Act, is considered a positive variable, boosting overall altcoin market sentiment. Given the powerful liquidity event of the Upbit listing, the market is paying attention to the possibility that IRIS could become a representative short-term themed asset for domestic investors for the time being.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*