PANews reported on April 15 that according to CoinDesk, Story Protocol's IP token plunged 20% in a trading session from yesterday evening to early this morning, and gave up all the gains within a few hours. In four hours, the price of IP tokens fell from nearly $4 to $3.27, and rebounded to more than $4 within a few hours after hitting the low of the day. Most of the trading volume in this incident was concentrated on major exchanges such as Binance and OKX spot, with trading volume exceeding $40 million before the plunge and $138 million after the rebound. At the time, the broader crypto market was relatively stable, with Bitcoin trading at around $84,000, and there was no obvious impact on the general trend of altcoins. This made the sudden plunge and rebound of IP tokens an isolated incident. There are rumors that a large number of IP tokens, as well as other tokens such as MOVE and LAYER, were sold at a discount through over-the-counter transactions. This has sparked speculation in the cryptocurrency circle about insider trading or coordinated selling. As a result, the cumulative loss of IP-tracking futures during the period of price volatility was only $1.4 million, which is very low considering the rapid price changes and trading volume. This suggests that all trading activity was dominated by actual spot buying and selling.
The volatility raised early concerns about a sell-off similar to the one that rocked Mantra (OM), which plunged 90% in a matter of hours late Sunday, with the exact cause of the sell-off still unclear as of Tuesday.
