Story (IP) price doubled, climbing to above $3.00, but on-chain data shows weak network growth. Trading activity was led by Korean traders, with Upbit accounting for more than 47% of total IP volume, and the IP/KRW pair representing over 12% of overall activity, second only to XRP.
On-chain metrics indicate the rally lacks fundamental support. The number of active accounts on the Story network fell from more than 10,000 last year to fewer than 500 today, a decline of about 95%. Daily new accounts have remained under 100 per day, far below the 2,000-per-day average seen in August and September last year.
Analysts warn that the rally lacks sustained fundamental support. IP is approaching a resistance zone between $3.00 and $3.30 on the daily chart, and a breakout could confirm a change in character only with proper confirmation. Despite the price rebound, IP remains about 80% below its $15 peak last year, and its long-term trajectory will depend on real user adoption and demand for decentralized IP management.
Leave a Reply