Irys: the launch, the hype, and what's really happening
Alright, alright, alright... another day, another crypto launch, another price rollercoaster. Irys, the "Layer 1 data chain," is the new kid on the block, promising to merge on-chain data storage and smart-contract execution. Sounds fancy, right? But let's be real, half of these projects are just buzzword salads designed to separate you from your hard-earned cash.
VWAP? More Like "Value Wipeout, Possibly?"
So, Irys launched, and surprise, surprise, it's volatile. The 1-hour chart is apparently using the volume-weighted average price (VWAP) as its "main guide." Oh, good, a line on a chart is guiding our financial destiny. Give me a break.
They say the first large green candle closed above the VWAP line. Okay, great. A green candle. Does that guarantee anything? Nope. Dips below VWAP are being bought, they claim. Well, someone's buying. Probably the same insiders who got in early and are now dumping on the retail investors. Am I being cynical? Maybe. Am I wrong? Only time will tell.
On-Balance Volume (OBV) sits in negative territory near –389,970. Now, I'm no technical analysis guru, but even I know negative OBV ain't a good look. They say the first OBV level it must reclaim is 70,960, followed by 583,600. Good luck with that. Seems like a long climb out of the hole.
Immediate upside level is $0.032, followed by $0.039 and the strongest early resistance at $0.042. So, basically, it might go up a little bit before hitting a wall of selling pressure. Riveting.
Airdrop Amnesia and Anticipated Annoyances
The launch of Irys was "anticipated." Everything is "anticipated" in crypto. It's all hype and hopeium until reality kicks in. A possible airdrop distribution could explain the initial negative OBV. Translation: people got free tokens and immediately dumped them for a quick buck. Shocker. Irys Launches With Big Swings: Can the New Token Hold Its Early Gains? - Yahoo Finance
And let's not forget the "merge on-chain data storage and smart-contract execution" part. Sounds like they are trying to do too much at once. Remember when every other crypto project was trying to be the "Ethereum killer?" How'd that work out for them?
Honestly, the whole thing feels like a house of cards built on a foundation of wishful thinking and marketing spin. I'm not saying it will fail, but I'm definitely not betting my house on it.
So, What's the Real Story?
Look, I'm not here to tell you what to do with your money. If you wanna gamble on Irys, be my guest. Just don't come crying to me when it crashes and burns. This whole space is rife with speculation and manipulation, and Irys, for all its "innovation," ain't immune. Maybe I'm just getting old and jaded, but I've seen this movie before. And it ususally ends with retail investors holding the bag.