IP Token's Wild Ride Crashes Back to Earth

Hang on to your hats, folks! The IP token, once the darling of the crypto scene, is now tumbling down as the initial launch buzz fizzles out.

Listen up, the Story (IP) token is losing its mojo big time after that wild post-launch party. On Thursday, June 19, the IP crypto price tanked by a whopping 8.74%, piling onto a 35.51% nosedive over the last month. It's like a perfect storm of gloomy market vibes and investors cashing out, putting the squeeze on this token.

The crypto world's been taking punches left and right over the past month, especially with that Iran-Israel drama heating up. Yet, the big guns like Bitcoin and Ethereum are hanging tough. Bitcoin (BTC) only dipped 1.2% during this chaos, and Ethereum (ETH) actually edged up by 0.49%. But for the little guys, the altcoins? It's been a rough ride.

June's been a brutal month for altcoins. Those not named Ethereum saw their dominance shrink from 27.2% to a measly 2.6%. Meanwhile, Bitcoin's been flexing its muscles, while Ethereum's just chilling. With all the macro and geo-political craziness, it's no wonder the altcoin party's winding down.

IP Crypto Price Tanks as Initial Hype Vanishes

Remember when IP token shot up over 500% in just two weeks after launch, hitting an all-time high of $7.33? Well, those days are gone. By June 19, it had plummeted 65% from its peak. It's like the hype train ran out of steam, and investors are scrambling to take their profits.

The Story Protocol burst onto the scene as a layer-1 blockchain, promising to shake up the $61 billion intellectual property market. With heavy hitters like a16z and Samsung Next backing it, they raked in a cool $140 million.

This protocol lets IP holders slap their content onto the blockchain, with slick features for custom licensing to help them cash in. But here's the thing - not many folks are actually using it. The network's buzzing less than expected, and the ecosystem's not exactly thriving.

Check this out - DeFiLlama says the protocol's total value locked has crashed to just $11.25 million. On-chain fees and app revenue? Barely a blip on the radar. It's clear there's a serious lack of user action. If IP's price is gonna bounce back, the Story Protocol needs to start pulling in some serious crowds.

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