IRYS momentum is building momentum across major venues. The project's $500 million FDV still leaves meaningful room before hitting mainstream valuations, especially with Coinbase's listing bringing institutional capital into the ecosystem.

What's catching attention is the exchange dynamics—one major platform is now capturing roughly one-third of spot trading volume, signaling concentrated liquidity and potentially volatile price swings. Meanwhile, perpetuals action on the largest derivatives platform shows clean technical setup with some aggressive TWAP accumulation patterns.

Price action remains crisp with minimal noise. Given current conditions and exchange inflows, watch for a potential retest toward $1 billion FDV as the next natural target. The combination of retail interest via spot listings and institutional positioning on derivatives could provide the catalyst.