Why is Story crypto price down today?
IP token continues its decline as initial launch and listing hype slowly dies down.
Story (IP) continues to lose steam following its initial post-launch rally. On Thursday, June 19, the IP crypto price was down 8.74%, contributing to a 35.51% decline over the past 30 days. A combination of broader market sentiment and investor profit-taking is exerting significant bearish pressure on the token.
Crypto markets have been under pressure over the past month, especially since the onset of the Iran-Israel conflict. Still, despite broader headwinds, major crypto assets have shown relative resilience. Bitcoin (BTC) lost 1.2% over that period, while Ethereum (ETH) was up 0.49%. However, this was not so for smaller altcoins.
Bitcoin, Ethereum, and other altcoins’ share of the total crypto market cap | Source: CoinMarketCap
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.
Story Protocol’s TVL, chain fees, and app revenue | Source: DefiLlama
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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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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