Story Protocol’s IP Tokens Experience 20% Price Drop and Recovery
Story Protocol's IP tokens experienced a 20% drop late Monday, falling from nearly $4 to $3.27 within four hours before rebounding back above $4 shortly after.
- Trading volume concentrated on Binance and OKX Spot, with over $40 million pre-plunge and $138 million post-recovery.
- The broader crypto market remained stable, with bitcoin at around $84,000.
- Rumors suggested large volumes of IP tokens were sold at discounted prices through OTC deals, raising speculation of insider trading.
- Cumulative losses in IP-tracked futures reached only $1.4 million, indicating dominance of spot sales.
- Early fears arose of a selloff similar to Mantra (OM), which dropped 90% in a recent controversial event.
Story Protocol operates as a Layer 1 blockchain focused on tokenizing intellectual property, enabling creators to manage their work on-chain.