The IP token continues to lose momentum following its initial market rally. The current situation in the crypto market raises concerns among investors.
Overview of IP Price Decline
On Thursday, June 19, the IP crypto price dropped by 8.74%, contributing to a 35.51% decline over the past month. This downturn is attributed to overall market sentiment and investors taking profits.
Crypto Market Analysis
Crypto markets have been under pressure over recent months, particularly since the beginning of the Iran-Israel conflict. Nevertheless, Bitcoin lost 1.2%, while Ethereum gained slightly by 0.49%. The dominance of altcoins, excluding Ethereum, has fallen to 2.6%.
Future of IP and Story Protocol
The IP token surged over 500% in two weeks post-launch, reaching an all-time high of $7.33. However, it has since fallen by 65%. The Story Protocol, which underpins IP, aims to tap into the intellectual property market and requires user engagement to recover its token price.
The current conditions in the crypto market highlight the need for the Story Protocol to actively develop its ecosystem to restore prices for the IP token and attract users.
