- Bitcoin stayed sturdy whereas conventional markets dipped, exhibiting maturity—however the broader crypto area stays risky.
- Story Protocol’s $IP token crashed 29% then shortly rebounded, elevating issues about doable value manipulation.
- Regardless of drama, $IP is exhibiting bullish alerts and will proceed rising if it breaks key resistance ranges.
So, crypto’s rising up—however not and not using a few wild tantrums alongside the way in which. In keeping with an April 14 report from Wintermute, Bitcoin has been flexing a bit these days, staying surprisingly sturdy whilst conventional markets wobble. With the S&P 500 and Nasdaq dropping to year-lows and bond yields doing their highest leap since 2007, Bitcoin… simply kinda stood there. Calm. Stable. Weirdly chill.
However whereas BTC seems sturdy on the floor, beneath the hood? It’s messy. Actually messy. We’re speaking shady strikes, token collapses, and flash crashes that give LUNA/FTX vibes.
$IP Flash Crash Sparks Manipulation Fears
In simply 10 hours, the $IP token from Story Protocol took a nosedive—plunging 29% in minutes. Panic unfold quick throughout X (previously Twitter), with of us suspecting a little bit of humorous enterprise. Phrase is, the staff may’ve pumped the value earlier than dumping giant quantities by way of OTC offers. Not a very good look.
The sudden value dip was adopted by a flood of tokens onto exchanges, which added gas to the crash. However right here’s the kicker: $IP bounced again—arduous. As of press time, it’s hanging out close to $4.13 once more. In the meantime, Mantra ($OM), which simply cratered 90% in a day, didn’t get well practically as properly. Oof.
Arthur Cheong from DeFiance Capital chimed in, warning that manipulation is perhaps extra frequent than of us assume. In keeping with him, some groups and market makers are working collectively to pump token costs artificially. He additionally talked about {that a} bunch of current token launches have flopped arduous—dropping 70% to 90% proper after itemizing.
Story Protocol’s Huge Imaginative and prescient, Shaky Begin
Story Protocol, the staff behind the $IP token, is making an attempt to construct a blockchain-powered system for monitoring and monetizing IP. They raised over $80 million from buyers like a16z crypto. The mission kicked off in 2023 with guarantees of “democratizing” mental property utilizing Web3 tech.
Regardless of launching throughout a brutal altcoin month, $IP exploded by over 600%, hitting $7.31 earlier than cooling off. It’s additionally partnered with Area ID to supply blockchain-verified IP utilizing readable domains like “satoshi.ip”—a neat idea that provides creators extra management over their work.
Technical Outlook: Can $IP Get well?
Trying on the 4-hour chart, $IP is perhaps gearing up for a bullish comeback. The value bounced arduous from $2.96 with an enormous ol’ bullish engulfing candle, breaking by means of the previous consolidation zone between $3.60 and $3.80.
The RSI’s creeping up too—now at 55.39—exhibiting the bulls are gaining some steam. However don’t get too cozy simply but. Resistance nonetheless looms round $4.60 to $5.20, and $IP might want to clear that zone earlier than any main development reversal is confirmed.