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

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

In a whirlwind trading session late Monday, Story Protocol’s native token, IP, experienced a dramatic 20% price swing, captivating crypto traders with its rapid descent and equally swift rebound.

The token dipped from nearly $4 to a session low of $3.27 within four hours, only to surge back above $4 in the following hours. This high-volatility move occurred despite relative calm across the broader cryptocurrency market—Bitcoin hovered around $84,000, and no major market-wide shifts were observed among altcoins, making IP’s isolated price action particularly notable.

Trading activity was heavily concentrated on leading exchanges Binance and OKX Spot. Prior to the drop, over $40 million in trading volume was recorded, followed by a staggering $138 million post-recovery, underscoring the intensity of investor interest.

Speculation quickly emerged on X (formerly Twitter) about potential off-exchange (OTC) deals involving discounted sales of IP and other tokens like MOVE and LAYER. These rumors sparked concerns of insider selling or coordinated market activity, further fueling debate within the crypto community.

Interestingly, despite the high volume and sharp movement, IP futures only registered around $1.4 million in cumulative liquidations—a surprisingly low figure. This suggests that the price action was largely driven by spot trading, not leveraged futures.

The market’s reaction was further colored by lingering anxiety from a similar recent event involving Mantra (OM), which nosedived 90% within hours just a day prior. While the exact cause of OM’s crash remains unclear, traders were quick to draw parallels and brace for a possible repeat.

Story Protocol operates as a Layer 1 blockchain platform designed to revolutionize intellectual property management by enabling creators to register, license, and monetize their works directly on-chain.