4h ago• 3 min read
Story Protocol Crashes 30% in Worst Altcoin Selloff
Story Protocol's IP token crashed over 30% in the past day, making it one of the worst-performing altcoins during the broader crypto market downturn that wiped billions from the sector.
Key takeaways
📉 Steep Decline: Story Protocol (IP) crashed over 30% from $11.50 to around $7.20, marking one of the worst performances among major altcoins.
🏆 Worst Performer: IP emerged as the worst-performing altcoin during the recent market downturn that affected the entire crypto sector.
📊 Technical Breakdown: The token broke below key support levels and moving averages, with bearish indicators signaling potential further downside.
💰 Market Cap Impact: Story's market cap fell to approximately $2.25 billion as trading volume surged to over $360 million amid the selloff.
Deep dive
Story Protocol's native IP token experienced one of the most severe price crashes in the crypto market over the past 24 hours, plummeting over 30% from highs of $11.50 to lows around $7.20.
This dramatic decline made IP the worst-performing altcoin during a broader crypto market downturn that saw billions wiped from the sector.
Technical analysis reveals the token broke below critical support levels and moving averages, with bearish momentum indicators suggesting the selloff could continue.
The crash comes despite Story Protocol's strong fundamentals as a Layer 1 blockchain focused on intellectual property tokenization, highlighting how even promising projects aren't immune to market-wide corrections.
With trading volume surging to over $360 million during the decline, the selloff appears to be driven by both broader market sentiment and specific profit-taking after the token's strong performance earlier this year.
Polaris insights AI-generated
Disclaimer: This article may contain content generated or assisted by AI, based on information from public sources. While we aim for accuracy, no content should be taken as financial or trading advice. Always do your own research and consult a professional before making investment decisions. Markets are volatile and involve risk.
