Story’s IP Sees 20% Swing in a Wild Trading Day

Story Protocol’s IP Token Sees Wild 20% Swing Amid Sudden Market Volatility

In a highly unusual trading session late Monday, the IP token from Story Protocol experienced a sudden 20% drop, only to recover the full decline within hours, highlighting the unpredictable nature of the market. The IP token, which had been trading close to $4, fell as low as $3.27 before bouncing back above $4 within a short time frame.

The majority of the trading activity during this period occurred on major exchanges such as Binance and OKX Spot, with over $40 million in trading volume before the drop and $138 million in volume during the recovery. The substantial increase in volume post-drop indicates a strong rebound, primarily driven by spot market transactions rather than futures.

At the time, the broader cryptocurrency market showed stability, with Bitcoin trading around $84,000, and no significant trends affecting altcoins. This left the rapid price movement of the IP token as a unique event in a relatively calm market environment.

Rumors soon circulated within the crypto community, speculating that large quantities of IP tokens, along with other assets like MOVE and LAYER, had been sold at discounted rates through over-the-counter (OTC) deals. This led to suspicions of coordinated selling or insider trading, as noted by some crypto enthusiasts on platforms like X.

One observer tweeted:
“Could this be linked to the Market maker by the name of S? Just curious.”

The volatility raised concerns among some traders about the possibility of a selloff similar to the one seen with Mantra (OM) token, which saw a dramatic 90% drop within hours. However, the reasons for the IP token’s price movement remain speculative.

Story Protocol, a Layer 1 blockchain project, is focused on tokenizing intellectual property (IP), providing creators with a platform to register, license, and monetize their work through blockchain technology. Despite the uncertainties surrounding its token’s price movements, the project continues to push forward with its goal of revolutionizing the IP industry through decentralization.