Story Protocol IP Token Surges 149% in a Day—One Week After Launch – Decrypt

Story Protocol’s IP token is up 149% over the last 24 hours to a current price of $6.72, per data from CoinGecko, extending its weekly gains to more than 261% as it climbed inside the top 100 cryptocurrencies by market cap for the first time. 

The token, which is now up more than 500% from its all-time low of $1.00, launched last week alongside Story Protocol’s layer-1 mainnet rollout and token airdrop. The token jumped as high as $7.00 on Friday afternoon, marking a new all-time high for IP.

A major price catalyst is not immediately clear, though the platform did unveil further details about its technical roadmap on Thursday. The roadmap indicates that the network is expected to launch the public beta for its IP Portal and decentralized oracle network in Q2. 

Story Protocol, which aims to reinvent the $61 trillion IP asset class, put into circulation 25% of its total supply upon launch last week, with at least 50 million tokens available for day-one claiming by early users–now valued around $336 million. 

The price surge is accompanied by accelerating trading volumes for the IP token, which skyrocketed in the last 24 hours to more than $1.1 billion according to CoinGecko. On Thursday, the full-day trading volume tally reached just $175 million.

CoinGlass data shows the token has also seen a 60% jump in open interest in the last 24 hours, rising to $235 million, indicating that more money is being bet on the future price of IP. Open interest refers to the collective value of futures contracts that have not yet been settled.

Other popular altcoins, or non-major crypto assets like Bitcoin and Ethereum, have also seen a jump in volume and price, led by Sonic (S), Sei (SEI), and Celestia (TIA). All three coins have jumped more than 15% in the last 24 hours, outperforming their prominent peers in the process. 

Built by PIP Labs, Story Protocol launched its public testnet in August 2024 after an $80 million Series B raise led by venture capital giant  Andreessen Horowitz. The protocol has raised $140 million in total funding to help it reinvent how IP is managed, with a particular eye towards the role of AI in the future of intellectual property.

Edited by Andrew Hayward