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Upbit accounted for 45% of the token’s $272 million daily volume as speculative buying concentrated in Korea.
Story (IP) rose 25% in 24 hours to reach $3.14 on Jan. 13
South Korean exchange Upbit drove 45% of volume as trading activity spiked 400%
A large investor who entered at $1.70 on Jan. 1 now holds $582K in unrealized profit
Jan. 13 (Crypto-News.Net) – Story Protocol’s IP token gained 25% over 24 hours to reach $3.14 as trading activity concentrated heavily on South Korean exchanges. Story is a blockchain platform that enables creators to register and license intellectual property on-chain.
The token’s daily trading volume reached $272 million, with South Korean exchange Upbit accounting for 45% of that figure according to analyst estimates. Volume increased approximately 400% compared to the previous day. IP currently trades 79% below its all-time high of $14.78 set in September 2025.
What Analysts Are Saying
Analyst @stacy_muur described the concentrated Korean buying as a common pattern in short-term speculative activity rather than broader market demand. With limited trading liquidity, modest buying pressure can create outsized price moves.
The analyst noted that momentum indicators showed overbought conditions, with profit-taking likely near $3.20. The analysis also pointed to weak fundamental support: Story Protocol generates approximately $27 per day in fees with $4.75 million in deposits, suggesting the price move is speculation-driven rather than based on protocol usage.
Whale Positioning
The rally followed accumulation by large investors earlier in January. On-chain tracking account @lookonchain reported on Jan. 1 that a new wallet deposited $8 million worth of stablecoins into derivatives exchange Hyperliquid and placed a $2 million bet on IP price increases at an average entry of $1.70.
Data from Hyperbot shows the same wallet now holds IP tokens worth $1.32 million with unrealized profit of $582,111. The position has returned 132% since entry.
Broader Market Conditions
The Fear & Greed Index registered 26, indicating fear in the broader market. Total crypto market capitalization reached $3.22 trillion, up 1.64% on the day.
Story falls within the AI and Smart Contract Platform categories. The IP sector ranked as the second-best performing category on Jan. 13, gaining 33.42% according to CoinGecko sector data. The rally extended gains from the previous day when IP rose 26% on strong Upbit volume.
Sources
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