Story Protocol’s IP Token Gains 149%, Enters Top 100 Cryptos

Story Protocol IP Token Soars 149%: What’s Driving the Surge?

Story Protocol’s IP token has seen an impressive 149% increase in the last 24 hours, reaching $6.72, according to CoinGecko data. This marks a continuation of its recent surge, with a weekly gain surpassing 261%. The token’s rapid rise has propelled it into the top 100 cryptocurrencies by market cap for the first time.

The IP token, which had a low of $1.00 just a week ago, has now soared over 500% from its all-time low. The token was launched alongside the rollout of Story Protocol’s layer-1 mainnet and a significant token airdrop. On Friday, the token peaked at $7.00, setting a new all-time high. While there isn’t an immediate clear catalyst for this surge, Story Protocol’s announcement of its technical roadmap may have contributed to the price movement. The roadmap reveals the upcoming public beta for its IP Portal and decentralized oracle network, expected in Q2.

Trading Volume and Open Interest Surge

The token’s price surge has been matched by a dramatic rise in trading volumes. In the past 24 hours, trading volumes have surpassed $1.1 billion, a sharp increase from $175 million on Thursday. Additionally, open interest in IP token futures has risen by 60%, reaching $235 million. This suggests that more investors are speculating on the future price of IP.

Story Protocol’s Vision for IP Management

Story Protocol, designed to reinvent the $61 trillion intellectual property (IP) asset class, released 25% of its total supply during its launch. This includes over 50 million tokens available for early users to claim, now valued around $336 million. With a focus on AI-driven innovation in IP management, the platform has raised $140 million in funding, including a notable $80 million Series B round led by Andreessen Horowitz.

The rapid growth of Story Protocol’s IP token highlights its increasing role in transforming IP management and the broader crypto landscape.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.