IRYS Airdrop Manipulated by Newly Created Wallets Cashing Out

IRYS launched its mainnet and token on November 25, 2025, distributing an 8% airdrop, notably affected by a cluster of newly created wallets leveraging Bitget funding.

The event highlights potential manipulation in crypto launches, sparking market volatility and raising fairness concerns amidst rising institutional interest and technological innovation in blockchain.

Price Drop and Potential Regulatory Scrutiny for IRYS Token

The mass sell-off triggered notable market impacts, realizing approximately $4 million and raising questions about procedural fairness and compliance. While IRYS’s immediate price experienced severe volatility, the associated market uncertainty was compounded by criticism from within the community.

Community sentiment was mixed, reflecting skepticism over possible manipulation and procedural integrity in crypto launches. Despite the concerns, notable figures and institutions have not publicly commented, suggesting the industry awaits further developments or regulatory responses.

“IRYS’s initial public trading price was around $0.03, with significant early volatility—a steep drop of about 67% from opening before some recovery.” – Business Insider

Market Data and Insights

Did you know? Airdrop manipulations using clusters of new wallets have previously caused short-term market sell-offs, though they help accelerate token liquidity and price discovery.

The IRYS token opened at approximately $0.03 with high trading volatility and volume surpassing $49.68 million. CoinMarketCap reports a 23.82% price drop in the past 24 hours and a market cap around $67.96 million as of November 28, 2025.

Insights from Coincu highlight potential regulatory scrutiny after the airdrop’s apparent manipulation, prompting developers and institutions to weigh enhanced security measures. Given historical precedent, such incidents could invite regulatory reviews, impacting future token distributions.