Story (IP) Price Rebounds 100%, but On-Chain Data Tells a Different Story

The Story (IP) token, designed for on-chain intellectual property, recently rebounded 100%, rising from $1.50 to over $3.00. This surge was largely fueled by South Korean traders, with Upbit accounting for over 47% of the $300 million daily trading volume, suggesting regional demand rather than broad global adoption. However, on-chain metrics contradict this price action; data from Storyscan reveals that daily active accounts have plummeted by about 95% over recent months, now sitting below 500, and daily new users remain flat below 100. This indicates the rally is speculative, lacking fundamental support from real network growth or increased usage. Technically, IP is approaching a key resistance zone between $3.00 and $3.30, and analysts advise caution until a confirmed breakout occurs, as the token remains significantly down from its previous peak.

(Source：BeInCrypto)