Story Protocol (IP) Price Drops 7.7% Amid $360M Treasury Announcement
Story Protocol (IP) decreased by 7.7% to $6.35 on August 11, despite overall market gains in cryptocurrencies like Ethereum, Solana, and XRP. This decline occurred after the IP price surpassed $7 over the weekend, attracting profit-taking.
Key Developments
- Heritage Distilling announced a $360 million token reserve for $IP, backed by a $220 million PIPE financing.
- Heritage will spend $82 million on acquiring $IP tokens from the open market within 90 days, adding to $120 million bought directly from the Story Foundation at $3.40 per token.
- The treasury is set to hold approximately 52.5 million $IP tokens valued at around $361 million based on recent prices.
- This marks Heritage as the first Nasdaq-listed company to use $IP as a primary reserve asset, which facilitates transactions for intellectual property on-chain.
Justin Stiefel, CEO of Heritage, described the transaction as a significant advancement for public companies engaging with digital assets. Industry reactions have been positive, noting a16z's involvement as its first Digital Asset Treasury investment.
Price Forecast
- The price has pulled back from a high of $7.01, settling at $6.35, yet remains above the key support level of $5.89.
- If the price holds above $5.89 and breaks through the resistance at $6.94, the next target may be $7.50.
- A drop below $5.89 could lead to further declines, targeting $4.85 and potentially $4.00 if the trend continues.
In addition, BTC Hyper has raised $5.46 million in its presale, catering to corporate and retail crypto investments. The platform aims to enhance scalability on the Bitcoin network.