Irys [IRYS] surged nearly 580% over 24 hours on October 23, reaching around $0.144. A look at its daily chart showed that it recorded a session high near the $0.157 price area before it eased toward $0.142.

The rally coincided with heavy losses for traders betting on a price decline. Data showed that there were around $21.4 million in short liquidations, but the available data does not show what started the surge or how much forced buying contributed.

The rally accelerated well beyond four cents

IRYS began its daily session at around $0.0206. At the time of this writing, it was trading at almost 7x that level.

A look at the chart shows how the move developed. An initially gradual rise gathered pace after it passed the $0.04 price…