IP Token Skyrockets 149% in 24 Hours, Enters Top 100 Cryptocurrencies

Story Protocol's IP Token Surges 149% in a Day, One Week After Launch

The IP token, issued by Story Protocol, has experienced a remarkable 149% increase in value over the past 24 hours, reaching a current price of $6.72, according to data from CoinGecko. This surge extends the token's weekly gains to over 261% and propels it into the top 100 cryptocurrencies by market capitalization for the first time.

The token, which has now surged over 500% from its all-time low of $1.00, was launched last week alongside the rollout of Story Protocol's layer-1 mainnet and a token airdrop. The token reached an all-time high of $7.00 on Friday afternoon.

A clear catalyst for the price increase is not immediately apparent, although 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 revolutionize the $61 trillion IP asset class, circulated 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 a significant increase in trading volumes for the IP token, which skyrocketed in the last 24 hours to over $1.1 billion, according to CoinGecko. On Thursday, the full-day trading volume tally was just $175 million.

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

Story Protocol, built by PIP Labs, launched its public testnet in August 2024 following 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 focus on the role of