Story (IP) price jumps as whales buy 16 million tokens

• Story (IP) token price surged 15% to above $3, driven by Bitcoin’s recovery and whale accumulation.
• Two major whales acquired 16 million IP tokens worth $47.52 million, indicating strong investor interest.
• Analysts predict IP could retest the $4-$5 supply wall.

Story (IP) is trading above $3 after surging 15% in 24 hours amid notable market turmoil.

This IP price surge comes in the wake of Bitcoin’s recovery from its recent lows of $98,500, which happened amid rising geopolitical tensions.

But with BTC back above $101k, market sentiment sees Story protocol token IP up.

Commenting on the current market outlook, crypto analyst IncomeSharks said:

Want to know why so many are bearish? It’s in the charts. We saw institutions, hedgefunds, and retail all start selling or shorting the local bottom. Then we had a violent V shape recovery which has squeezed or sidelined most. The FUD has started with moodys, tariffs, war, etc.

Bitcoins Whales buy Story (IP) dip

Recent data from blockchain analytics firm Lookonchain highlights a substantial accumulation of Story (IP) tokens by two major whale addresses.

Whale 0x9921 has amassed 6 million IP tokens, valued at approximately $17.82 million, while whale 0x9057 has acquired 10 million tokens, totaling $29.7 million.

Together, these transactions represent a collective purchase of 16 million IP tokens, worth $47.52 million, executed in recent days.

The blockchain records reveal multiple successful coin transfers to these addresses, with values ranging from 2.5 million to 3 million IP per transaction, accompanied by negligible fees.

This is not the first instance of significant whale interest in IP. Earlier this year, exchanges reported an outflow of $4.67 million worth of IP tokens.

As then, this suggested prior accumulation by large investors.

Those purchases preceded a 40% price surge, mirroring the today’s bounce despite broader market’s fading bullish momentum.

The recent whale activity, coupled with a 12.8% daily price increase, underscores a pattern of strategic buying during dips, potentially positioning IP for further gains.

Bitcoins Story price forecast

Market analysts attribute trader optimism to IP’s ranking as a top 100 cryptocurrency by market cap, with a value of $896 million.

The project’s focus on intellectual property asset management is fueling interest.

Based on current whale activity and a bullish market outlook, IP price could target resistance in the $4.00-$5.00 region.

However, if prices flip negative, the altcoin could revisit support levels at $2.75 and $2.50.

Analysts at Sentiment point to what traders may pay attention to in the short term.

IP price hovered around $3.09 at the time of writing. Daily trading volume was up more than 100% to over $46 million. Meanwhile, open interest stood at over $71 million.