Story Protocol’s IP tokens slumped 20% and retraced the entire move within hours

IP fell from nearly $4 to $3.27 in a four-hour period, jumping back to over $40000 in a couple of hours after hitting the daily low.

Story Protocol's IP tokens dropped 20% and subsequently recovered the entire decline within a few hours on Monday in an anomalous trading session.

IP fell from nearly $4 to $3.27 in a four-hour period, later rebounding to over $4 within a couple of hours after reaching the daily low. The majority of the trading volume during this event was concentrated on major exchanges Binance and OKX Spot, with over $40 million in trading volumes before the plunge and $138 million after recovery.

At the time, the broader crypto market was relatively stable, with bitcoin remaining around $84,000 and no clear overarching trend impacting altcoins. This factor made the IP token's sudden decline and recovery stand out as an isolated event.

Rumors circulating in crypto circles on X suggested that large volumes of IP tokens, along with other tokens like MOVE and LAYER, were sold at discounted prices through OTC deals, leading to speculation about insider activity or coordinated selling.

This speculation was further fueled by a post from a user who wondered if the activity was related to a market maker known as S.

However, IP-tracked futures showed just $1.4 million in cumulative losses amid the price volatility, a very low figure considering the rapid move and trading volumes. This finding suggests that all trading activity was dominated by actual spot sales and buying.

The move also brought early fears of a Mantra (OM) selloff, which saw the token plunge 90% within hours late Sunday in a contentious move whose specific cause is still unclear.

Story Protocol is a Layer 1 blockchain that focuses on tokenizing intellectual property (IP), enabling creators to register, license, and monetize their work on-chain.

The project's native token, IP, serves as the primary unit of account and provides governance rights to the ecosystem. The platform's goal is to empower creators in the Web3 space and provide them with the tools to manage and monetize their work effectively.

In addition to its IP token, Story Protocol also features a unique MOVE programming language, designed for developing smart contracts and decentralized applications (DApps) on the Story Chain.

The platform's architecture is based on open-source code and community involvement, aiming to foster a collaborative and transparent ecosystem for creators and developers.

As of the last update, Story Protocol had a market capitalization of over $1 billion, ranking it among the top 100 cryptocurrencies by market cap. The project has secured funding from prominent venture capital firms, including Polychain Capital and Divergence Ventures.

Overall, Story Protocol's IP token saw significant price volatility in a short period, which can be attributed to a combination of factors, including large OTC deals, rumors of insider activity, and the broader crypto market trends.

The project's focus on intellectual property and creator economy aligns with the growing interest in Web3 projects that aim to empower content creators and provide them with new revenue streams.

However, it's important to note that these speculations are based on user posts and activity on social media, and official confirmation or statements from Story Protocol or any individuals involved in the transactions are still pending.

As the situation unfolds, further updates and official announcements from the project team and relevant parties will provide a clearer understanding of the factors that contributed to the IP token's price swings and the transactions that occurred.

The project's website and official channels will be the best sources for obtaining verified information about Story Protocol, its technology, and the operations of its ecosystem.

Stay tuned for more updates and analysis as this story develops.

In other news, a new report by the blockchain analytics firm Glassnode has revealed that the number of bitcoin addresses holding between 1,000 and 100,000 BTC has hit a 15-year high.

The report, which was published on Monday, found that the number of addresses holding between 1,000 and 100,000 BTC had risen to 182 at the start of this week. This is the highest level since at least 2008, when Glassnode's analysis of the bitcoin chain began.

The report also found that the number of addresses holding over 100,000 BTC had fallen to three, while the number of addresses holding less than 1,000 BTC had risen to 76.

"This shift in the distribution of wealth across the bitcoin network may be attributed in part to the recent bull market, which saw bitcoin prices surge to all-time highs."

The report concluded that the distribution of bitcoin wealth was becoming increasingly concentrated among a small number of addresses. This trend could have significant implications for the future of the bitcoin network.output: Story Protocol's IP tokens dropped 20% and subsequently recovered the entire decline within a few hours on Monday in an anomalous trading session.

The majority of the trading volume during this event was concentrated