An April 14 report by crypto market maker Wintermute exhibits the rising maturity of the digital asset sector, with Bitcoin sustaining relative power regardless of a broader market downturn.
Whereas the S&P 500 and Nasdaq hit their lowest ranges in a yr and bond yields surged to highs unseen since 2007, the flagship cryptocurrency held its floor.
Nonetheless, this reassuring narrative comes amid rising indicators of market manipulation and token collapses that proceed to shake investor confidence.
Manipulation or Market Forces? Contained in the $IP Token Flash Crash
Inside the previous 10 hours, the native token of Story Protocol ($IP) skilled sharp and weird volatility, plunging 29% in minutes and sparking widespread hypothesis of worth manipulation.
Rumors unfold rapidly throughout X (previously Twitter), with customers alleging that the staff inflated the token’s worth earlier than executing massive over-the-counter (OTC) gross sales.
This principle gained traction as alternate inflows spiked, adopted by aggressive promoting stress on the open market, dragging the token down quickly.
This occasion comes simply in the future after Mantra ($OM) noticed its worth crash by 90% in a single trading session, a collapse harking back to the notorious Terra ($LUNA) and FTX disasters.
In contrast to $OM, nonetheless, Story Protocol’s $IP token swiftly rebounded, recovering Monday’s losses to commerce round $4.13 at press time.
In an April 14 post on X, DeFiance Capital founder Arthur Cheong warned that coordination between venture groups and market makers is turning into alarmingly frequent.
He alleged that some token costs are being propped up artificially, making a market the place it’s more and more tough to tell apart real demand from behind-the-scenes manipulation.
Cheong additionally identified that many latest token technology occasions (TGEs) have underperformed significantly, with tokens falling 70% to 90% shortly after launch.
Can Story Protocol Ship on Its Web3 IP Imaginative and prescient Amid Value Turmoil?
Story Protocol is a blockchain startup that raised over $80 million in venture funding, with backing from a16z crypto, to construct an open platform that tracks and monetizes mental property (IP).
Launched in 2023, the protocol seeks to “democratize” IP creation with a worldwide, extensible IP vault.
The February launch of its mainnet and native $IP token was accompanied by listings on main exchanges, together with Coinbase, OKX, Bybit, and Bitget, with an preliminary worth of $1.
Regardless of February being one of many worst-performing months for altcoins, $IP surged by over 600%, reaching a high of $7.31 by the tip of the month.
The venture has since introduced key partnerships, reminiscent of with Web3 domain name provider House ID.
Via this collaboration, Story Protocol affords identity-linked, blockchain-verified IP safety utilizing human-readable domains like “satoshi.ip”, empowering creators to authenticate, license, and monetize their work.
Technical Outlook: $IP Token Prepares for Bullish Reversal
The 4-hour chart of $IP/$USDT means that the latest worth volatility could have catalyzed a bullish reversal.
The sharp bounce from the $2.96 low, marked by a powerful bullish engulfing candle, broke out of the earlier consolidation vary ($3.60–$3.80), indicating renewed purchaser curiosity.
This transfer is additional supported by the RSI, which has climbed to 55.39, pushing above the impartial 50 stage and confirming a shift in momentum towards the bulls.
The chart nonetheless identifies resistance clusters marked with crimson horizontal traces across the $4.60 – $5.20 vary. A sustained transfer above these ranges would possible point out a extra prolonged development reversal.
The submit Story Protocol Token Rebounds After Sudden 29% Drop Amid Manipulation Allegations appeared first on Cryptonews.
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