Story Token Tumbles: What’s Dragging Down the Price Today?

Another red day for Story crypto as the token takes a nosedive—welcome to the volatile world of Web3 assets, where even good narratives can't always defy gravity.

Market forces at play

The usual suspects are lining up: Bitcoin dominance swings, leverage liquidations across major exchanges, and that classic crypto cocktail of hype cycle exhaustion. Story's 24-hour chart shows the brutal reality of altcoin season's hangover phase.

Technical breakdown

Key support levels shattered like a DeFi protocol's TVL during a market rout. The token now trades below its 50-day moving average—a psychological red flag for swing traders chasing momentum.

Silver lining playbook

Remember when traditional finance types said crypto winters were permanent? The same shortsighted analysts now scrambling to explain why BlackRock's blockchain ETF just hit another ATH. Story's developers better be building—price discovery always favors utility over speculation in the long run.

In June, altcoin dominance steadily declined. Altcoins excluding Ethereum fell from 27.2% to 2.6%. At the same time, Bitcoin dominance rose, while Ethereum stayed flat. A lower risk appetite, both due to macroeconomic and geopolitical risk, is taking the steam out of the altcoin market.

IP crypto price tanks as initial hype vanes

IP token was up more than 500% in two weeks after its launch, to an all-time high of $7.33. Since then, the token has trended downward, losing 65% by June 19 of its value since its ATH. A combination of profit taking and declining hype contributed to the price drop.

The Story Protocol debuted as a layer-1 blockchain aiming to bring the $61 billion intellectual property market on-chain. Backed by notable investors including a16z and Samsung Next, the project raised $140 million.

The protocol allows IP holders to register and tokenize content on the blockchain, with features for custom licensing rules to support flexible monetization. However, adoption remains limited in terms of network activity and ecosystem metrics.

According to DeFiLlama, the protocol’s total value locked has declined to just $11.25 million. Meanwhile, on-chain fees and app revenue are negligible, pointing to a lack of user engagement. For IP’s price to recover, the Story Protocol ecosystem will need to attract significantly more users.

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