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Story Protocol (IP) Plummets 50% From ATH Amid Profit-Taking and Market Downturn
Story Protocol (IP) Plummets 50% From ATH Amid Profit-Taking and Market Downturn
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BTCCSquare news:
Story Protocol's IP token has nosedived 48% over five days, erasing half its value since peaking at $14.78 on September 21. The sell-off follows a classic buy-the-rumor, sell-the-news pattern after its high-profile Origin Summit during Korea Blockchain Week.
Despite assembling industry heavyweights like HYBE, Polygon, and Animoca Brands to discuss IP tokenization, the project couldn't sustain momentum. Technical charts now show a confirmed bearish formation, with bulls scrambling to defend the $5.4 support level.
The broader crypto market's slump compounded pressure on IP, overshadowing recent developments. Traders appear to be rotating capital elsewhere rather than betting on the protocol's long-term IP infrastructure thesis.
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