- Bitcoin stayed strong while traditional markets dipped, showing maturity—but the broader crypto space remains volatile.
- Story Protocol’s $IP token crashed 29% then quickly rebounded, raising concerns about possible price manipulation.
- Despite drama, $IP is showing bullish signals and could continue rising if it breaks key resistance levels.
So, crypto’s growing up—but not without a few wild tantrums along the way. According to an April 14 report from Wintermute, Bitcoin has been flexing a bit lately, staying surprisingly strong even as traditional markets wobble. With the S&P 500 and Nasdaq dropping to year-lows and bond yields doing their highest leap since 2007, Bitcoin… just kinda stood there. Calm. Solid. Weirdly chill.
But while BTC looks sturdy on the surface, under the hood? It’s messy. Really messy. We’re talking shady moves, token collapses, and flash crashes that give LUNA/FTX vibes.
$IP Flash Crash Sparks Manipulation Fears
In just 10 hours, the $IP token from Story Protocol took a nosedive—plunging 29% in minutes. Panic spread fast across X (formerly Twitter), with folks suspecting a bit of funny business. Word is, the team might’ve pumped the price before dumping large amounts via OTC deals. Not a good look.
The sudden price dip was followed by a flood of tokens onto exchanges, which added fuel to the crash. But here’s the kicker: $IP bounced back—hard. As of press time, it’s hanging out near $4.13 again. Meanwhile, Mantra ($OM), which just cratered 90% in a day, didn’t recover nearly as well. Oof.
Arthur Cheong from DeFiance Capital chimed in, warning that manipulation might be more common than folks think. According to him, some teams and market makers are working together to pump token prices artificially. He also mentioned that a bunch of recent token launches have flopped hard—dropping 70% to 90% right after listing.
Story Protocol’s Big Vision, Shaky Start
Story Protocol, the team behind the $IP token, is trying to build a blockchain-powered system for tracking and monetizing IP. They raised over $80 million from investors like a16z crypto. The project kicked off in 2023 with promises of “democratizing” intellectual property using Web3 tech.
Despite launching during a brutal altcoin month, $IP exploded by over 600%, hitting $7.31 before cooling off. It’s also partnered with Space ID to offer blockchain-verified IP using readable domains like “satoshi.ip”—a neat concept that gives creators more control over their work.
Technical Outlook: Can $IP Recover?
Looking at the 4-hour chart, $IP might be gearing up for a bullish comeback. The price bounced hard from $2.96 with a big ol’ bullish engulfing candle, breaking through the old consolidation zone between $3.60 and $3.80.
The RSI’s creeping up too—now at 55.39—showing the bulls are gaining some steam. But don’t get too comfy just yet. Resistance still looms around $4.60 to $5.20, and $IP will need to clear that zone before any major trend reversal is confirmed.
