Layer-1 Blockchain Story Protocol (IP Coin) Soars 180% to Hit $6.64

At a time when Bitcoin and most altcoins are bleeding in red, Story Protocol (IP Coin)—a newly-launched Layer-1 blockchain platform—has kept its growth trajectory intact

At a time when Bitcoin and most altcoins are bleeding in red, Story Protocol (IP Coin) has kept its growth trajectory intact, soaring by nearly 180% on the weekly chart to hit $6.64.

Its utility token was launched on top-tier exchanges like OKX, Coinbase, and Bitget on February 13—the same day the mainnet version of its protocol was rolled out.

While it plummeted from its listing price of $2.89 to $1.37 shortly after going live due to heavy sell-offs, IP coin quickly bounced back and has remained in the green since that time.

But why is this token still pumping amid the scathing crypto market crash?

What Is Story Protocol?

Intellectual property (IP) is one of the potent instruments for driving innovation in the digital economy. However, its potential remains largely untapped due to lack of trust and legal complexities.

Story Protocol claims to be the solution to these issues by offering a decentralized AI platform that can help developers handle creative works in the digital age.

According to its website, the project leverages the concept of “Programmable IP” to improve the process of registering, licensing, and monetizing creations.

Story Protocol launched its mainnet on February 13, making it possible for users to register and protect their digital property. Its native token—IP coin—was also airdropped the same day to those who participated in its testnet tasks.

Basically, the token serves as a medium through which users can pay transaction fees and participate in the protocol’s governance activities.

Why Is $IP Coin Pumping?

$IP coin is one of the few altcoins that have continued to defy market odds, registering a double-digit pump on the daily chart.

The Story Protocol token’s market cap has also soared by nearly 30% in the past 24 hours to hit $1.6 billion, while its trading volume just surpassed $2.4 billion, up by approximately 186%. That impressive performance has helped the crypto secure a spot among the top AI coins around.

4⃣ Recent Price SurgeWhile the broader crypto market bleeds, $IP is on a tear. 📈– Current Price: $6.72 USD– 24-Hour Trading Volume: $2.49 Billion USD– Market Cap: $1.63 Billion USD pic.twitter.com/nClvis5rco

$IP’s breakout growth amid market-wide downtrend is underpinned by several factors. One is the recent partnership with StabilityAI, further boosting its credibility and adoption.

Another is the announcement that Story Protocol’s RWA platform Aria has acquired and tokenized part of the copyright of BTS and Steve Aoki’s collaborative single “The Truth Untold.”

That move not only brought one of the world’ most popular music creations to the blockchain’s RWA IP ownership space but also expanded Aria’s catalog to 90 songs.

Together, these two events have caused a significant rise in investor sentiment around Story Protocol. In fact, in the last 48 hours, most conversations about the blockchain-based platform on different social networking sites have been positive, further boosting the demand and price of $IP.

Can $IP Sustain Its Bullish Trajectory?

IP bulls continue to show resilience, exerting more pressure to push the token’s price above its February 20 peak of $7.11. At press time, IP trades above all the moving averages, showing intense buying pressure in the market.

Further, the 50-day MA ($5.42) is above the 200-day MA ($4.62), signalling short-term bullish momentum. As long as the price stays above the 50-day MA, the market remains in a strong position to push higher.

On the other hand, if early profiteering commences, the Story protocol token price could test its immediate support at $5.42, aligning with the 50-day MA. Should the selling pressure persist, subsequent supports could be found at the $4.64 and $3.60 levels.

However, a zoomed-out look at the daily chart shows that IP is more likely to continue its bullish momentum. The cup and handle pattern supports the upward trend, with the next significant resistance levels at $6.86, $7.49, and $9.49, respectively.

If the price sustains this upward trajectory, a breakout above this resistance could signal further gains, potentially leading toward $10 in the medium term.

IP Coin Price Prediction

Short-Term

Currently, the IP coin’s RSI is above the mean level, reading 62.98. This simply means the token is not yet overbought, despite the heavy buying pressure. Hence, there is still room for further upside.

Moreover, the daily low