Story Protocol Internet Token Surges 149 % In a Day—One Week After Launch

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. &nbsp,

The key, which is now off more than 500 % from its all-time small of$ 1.00, launched last year alongside Story Protocol’s layer-1 mainnet implementation and key resupply. The token jumped as high as$ 7.00 on Friday afternoon, marking a new all-time high for IP.

Although the system did provide more information about its technical roadmap on Thursday, it is not immediately clear whether there is a big price catalyst. According to the network’s strategy, the Internet Portal and decentralized oracle network’s open beta is scheduled to launch in Q2. &nbsp,

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. &nbsp,

The IP token’s trading volumes have soared faster than the price has, according to CoinGecko, rising to more than$ 1.1 billion in the last 24 hours. On Thursday, the full-day buying level tally reached only$ 175 million.

According to CoinGlass data, the token has also experienced a 60 % increase in open interest over the past 24 hours, leading to a$ 235 million increase, suggesting that more money is being bet on the IP price in the future. Open curiosity refers to the total price of future arrangements that have not yet been resolved.

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 ). In the last 24 hours, all three currencies have increased by more than 15 %, outperforming their renowned competitors. &nbsp,

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&nbsp, Andreessen Horowitz. To help it redefine how IP is managed, the process has raised$ 140 million in total financing, with a specific focus on the impact of AI on the future of intellectual property.