Story Protocol’s so-called “IP token”—ah, what a name, as though tokens could belong to anyone—made a sudden leap of 15%. Yesterday you could buy it for little more than a loaf of bread; today, it’s traded just north of $3. Time changes all things, but price apparently changes quicker.
Of course, as in any small Russian town, the people with real money strolled onto stage. Trading volume burst upwards by 118%—an outburst rarely seen outside of marriage proposals or vodka shortages. According to Lookonchain, which sees all but tells little, on June 23 two anonymous whales decided, in their infinite wisdom, to buy 16 million IP tokens for $47.5 million. Is it investing, or just boredom at its most expensive? Only the whales know.
They say one address grabbed 6 million tokens, the other with bigger ambitions seized 10 million. The timing, as always, is curious—just after Bitcoin peered above $100,000 again, shrugging off Iran, the U.S., and whatever else frightened bankers last week. All of this would be more impressive if markets weren’t so fond of melodrama.
2 whales have accumulated 16M $IP($47.52M) recently.
Whale 0x9921 accumulated 6M $IP ($17.82M).
Whale 0x9057 accumulated 10M $IP ($29.7M).
Address:
— Lookonchain (@lookonchain) June 23, 2025
Despite the dramatic leap, the IP token is still nursing a month-long hangover—down nearly 30%. Last week alone, 16% vanished, probably to the same place socks go after laundry. Yet for those who see patterns everywhere, the current whale parade recalls winter’s similar activities, later followed by a 40% rally—proof that everything rhymes but nothing repeats exactly.
As for the future, it remains clouded. The wizards behind Story Protocol posted cryptic omens on social media—“big things coming”—a phrase that has launched a thousand whitepapers and even fewer actual products. Are these big things real, or just the literary equivalent of a samovar left to boil?
Notifications on. Big things coming. Soon.
— Story (@StoryProtocol) June 23, 2025
So far in 2025, the project has kept busy. February brought the Homer mainnet (presumably with fewer ancient Greek references than one would hope), with millions of IP registrations processed—each more meaningful than the last, presumably. March saw a preview of the IP Portal, perfect for those who wish to register and browse intellectual property instead of, say, enjoying life in the provinces.
Some might say Story Protocol thinks big—partnering with Oxford to build AI frameworks, enlisting liquidity from Orderly Network, and securing $80 million from a16z, whose hobby appears to be funding every idea not yet rejected by reality. 100+ projects have boarded the train—including grand names like Stanford and StabilityAI, though whether any of them will bring tea for the journey remains to be seen.
On the technical front, the mood remains bleak. Price is up, but spirit is fragile—as if the token itself is nervously awaiting a telegram from Moscow. The 10-day and 20-day moving averages still hover above, pressing down like winter fog at $3.09 and $3.40. “Downward pressure,” the analysts say—a phrase favored by men with calculators and little else to do.
The Bollinger Bands have squeezed close—foreshadowing a “breakout,” or perhaps a polite sigh. But the MACD and awesome oscillator (whose name alone could fill a Chekhov play with laughter) still sulk in the red, and the relative strength index hovers at 38, just shy of despair. A buy signal has appeared, but as for volume—well, let’s just say the orchestra is missing its conductor.
If the bulls reclaim the $3.30–$3.50 boulevard, perhaps the token will hitch a ride to $4, with all the confidence of a student late for exams. Should $3 slip away, expect a tumble to $2.70 or even $2.50, especially if Bitcoin has another existential crisis. In the end, it comes down to whatever “big thing” Story Protocol is supposedly plotting, and whether the whales keep swimming or finally stop to write a letter home. 🐳🍵
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2025-06-23 10:23