On June 19, the Story Protocol (IP) token experienced the steepest decline among the top 100 cryptocurrencies by market capitalization. The IP price fell more than 8% from its daily high of $2.80 to $2.54. The drop is driven by a combination of broad market sentiment and profit-taking by investors.
The IP token continues its downward trajectory, having lost over 35% of its value in the past 30 days. The initial hype following the protocol’s February launch is fading, and the current state of the altcoin market is raising concerns—especially for newer projects.
IP token price dynamics for 30 days. Source: CoinMarketCap
In late February, less than two weeks after its debut, IP surged fivefold, reaching an all-time high (ATH) of $7.33. Since then, it has declined by over 65%.
Story Protocol launched as a Layer 1 blockchain aimed at bringing the $60 billion intellectual property market on-chain. Backed by notable investors, including a16z and Samsung Next, the project raised $140 million.
Profit-taking and fading hype impact IP price
The protocol enables IP holders to register and tokenize content on-chain, with customizable licensing features for flexible monetization. However, adoption remains limited in terms of network activity and ecosystem metrics.
In this environment, many early investors are locking in profits—especially since less than 30% of the total token supply is currently in circulation—expecting to re-enter at a lower price in the future.
As we wrote, Why is ZKJ down today?
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