Story (IP) Price Doubles, But On-Chain Indicators Tell a Different Tale

Story (IP) is a Layer-1 blockchain developed to bring intellectual property (IP) onto the blockchain and transform it into programmable assets. In early 2026, the IP token experienced a notable recovery, with its price increasing from a local low around $1.50 to over $3.00.

Key Takeaways

Story (IP) has seen a significant price rebound, doubling from approximately $1.50 to over $3.00.
South Korean traders, particularly on the Upbit exchange, have largely driven this price surge.
Despite the price increase, on-chain data shows a dramatic drop in active accounts, indicating a lack of fundamental support for the rally.
The long-term growth potential of IP will depend on increased user adoption and real-world demand for decentralized IP management.

What is fueling this rebound? And can it sustain momentum in the coming months?

Korean Traders Drive IP's Price Increase

Recent trading data reveals that South Korean traders have significantly contributed to the recent surge in IP's price. According to CoinGecko, the daily trading volume of IP surpassed $300 million on January 13. This marked the highest volume since last year’s sell-off in October, when the token plummeted over 80% in just one day.

IP trading volume on exchanges. Source: CoinGecko

Upbit, one of South Korea's largest cryptocurrency exchanges, accounted for more than 47% of the total trading volume. This indicates that the price increase is primarily driven by regional traders rather than wider global demand.

On Upbit, the IP/KRW trading pair accounted for over 12% of total trading activity, ranking just behind XRP/KRW. Additionally, some analysts speculate that large investors, commonly referred to as "whales," may also be influencing this price rally.

“Story Protocol has seen the biggest rise this week. With a price increase exceeding 30%, the IP token has rallied due to a revival of interest. Significant trading volume has emerged as new investors and whales have entered the market,” Investor Sjuul from AltCryptoGems stated.

On-Chain Data Indicates Limited Growth

However, despite the price increase, on-chain metrics present a different picture. The rally appears to lack strong underlying support. Data from Storyscan shows that the number of active accounts on the Story network has not changed much in recent months.

Daily Active Account on Story (IP). Source: Storyscan

Last year, the active accounts were above 10,000, but this number has dwindled to under 500 today—a staggering drop of about 95%. The daily influx of new users on this Layer-1 network has also remained stagnant, hovering under 100 daily, a stark contrast to the average of over 2,000 seen in August and September of the previous year.

Daily New Account on Story (IP). Source: Storyscan

These statistics imply that the price rally may primarily be driven by speculation and increased trading volume, rather than reflecting genuine network growth like an increase in tokenized IP or enhanced real-world utility.

Meanwhile, technical analysts are cautioning about potential risks of a downturn. Currently, IP is approaching a critical resistance zone between $3.00 and $3.30 on the daily chart. "While IP has been moving upward with robust price action and solid indicators, it is nearing the $3.0–$3.3 resistance area. A breakout could confirm a significant shift and initiate a bullish trend. It is advisable to wait for confirmation before making any trading decisions," commented CryptoPulse.

Despite the recent price surge and high trading volumes, IP remains down approximately 80% from its peak of $15 last year. The altcoin's long-term prospects will largely hinge on real user adoption and the demand for decentralized management of intellectual property.