Story (IP) Price Rebounds 100%, but On-Chain Data Tells a Different Story
Story (IP) is a Layer-1 blockchain designed particularly to deliver mental property (IP) on-chain and switch it into programmable property. In early 2026, the IP token staged a sturdy restoration. The value doubled from a native low close to $1.50 to above $3.00.
What is driving this rebound? And is it sturdy sufficient to proceed within the coming months?
Korean Traders Push IP Higher
Trading knowledge point out that South Korean merchants contributed probably the most to IP’s latest value surge.
CoinGecko data reveals that IP’s day by day buying and selling quantity exceeded $300 million on January 13. This was the very best stage because the sell-off in October final yr, when IP dropped greater than 80% in a single day.
Upbit alone accounted for greater than 47% of whole buying and selling quantity. Upbit is one of South Korea’s largest crypto exchanges. This highlights that Korean merchants had been the primary drive behind IP’s rally.
On Upbit, the IP/KRW pair additionally represented more than 12% of whole buying and selling exercise. It ranked second solely to XRP/KRW.
However, Upbit’s dominance means that the value improve got here primarily from regional demand reasonably than world adoption.
Some analysts additionally consider that whales performed a position in driving this rally.
“Story Protocol has had the most important rise this week. With a value improve of over 30%, IP has rallied because of a narrative revival. Massive buying and selling quantity got here in as new traders and whales joined the venture,” Investor Sjuul | AltCryptoGems said.
IP User Data Shows No Breakout
Despite the value surge, on-chain knowledge tells a completely different story. The rally lacks sturdy basic help.
Data from Storyscan signifies that the variety of energetic accounts on the Story community has remained comparatively unchanged in latest months.
The determine fell from greater than 10,000 final yr to fewer than 500 at present. This represents a decline of about 95%. The variety of day by day new customers on the Layer-1 community has additionally remained almost flat. The quantity stays under 100 per day. It is way decrease than the typical of greater than 2,000 per day seen in August and September final yr.
These figures recommend that the rally is primarily pushed by hypothesis and elevated buying and selling quantity. It doesn’t mirror actual community development, similar to extra tokenized IP or stronger real-world utilization.
Meanwhile, technical analysts are warning about draw back dangers. On the day by day timeframe, IP is approaching a key resistance zone between $3.00 and $3.30.
“On the day by day timeframe, IP is shifting up with sturdy candles and stable indicators. However, the value is now near the $3.0–$3.3 resistance zone. A breakout may affirm a change of character and begin a bullish development. Wait for affirmation and don’t rush,” CryptoPulse commented.
Despite the latest doubling in value and the surge in quantity, IP stays down about 80% from its $15 peak final yr. The long-term development of this altcoin will depend upon actual consumer adoption and demand for decentralized IP management.
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