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$IREN is doing exactly what you'd expect after a massive impulse. The market is digesting the move
When a stock does a 15x in < 1 yr, sometimes the market requires equal or more duration of a correction to get rid of all the late FOMO buyers and it can look like price going "nowhere" for months while the business under the hood continues to execute and only get better
At some point the correction will be enough and the market will re-rate it again