Already at historic highs, Story’s IP crypto rose another 20% in 24 hours. What is the reason for this increase?
Story’s IP exceeds $10
While Story’s IP token price was already trading at its all-time high (ATH), a new bullish acceleration took place on Tuesday, rising more than 20% in 24 hours at the time of writing.
After its launch last February, the asset fell to $2.44 per unit in June, and has since rebounded 326% to around $10.4:
To understand the reason for the rise over the last 24 hours, we need to look at Heritage Distilling, a Nasdaq-listed company that announced the upcoming launch of an IP Treasury Company last month. This has now been completed with the official launch of IP Strategy.
In this context, the company has welcomed executives from Google, CoinMarketCap, AQRU, and PIP Labs (the company behind the development of Story) to its governance board.
Seung Yoon, founder of Story and chairman of Heritage’s advisory board, expressed his enthusiasm for intellectual property, an area where Story seeks to add value:
This new strategy marks our full embrace of intellectual property as a new programmable asset class for this publicly traded company. By anchoring our reserves in intellectual property, we are positioning our shareholders to participate in one of the most important developments of this decade: the intersection of AI, data, and intellectual property.
Last month, Heritage closed more than $220 million in financing and announced that it holds 53.2 million IP tokens. As part of its new cash position, a new dashboard has also been implemented, and we can see that the company now holds $554 million in assets, representing more than 17.4% of the current IP supply:
For its part, although Heritage Distilling saw its CASK stock rise 20.55% during Tuesday’s trading session, it is still down 88% since its IPO in November 2024.
As with any Crypto Treasury Company, caution remains the order of the day, as is the case with the IP token in this instance. Beyond the high concentration we highlighted above, the project is still relatively young and has yet to prove itself. On August 16, Jason Zhao, one of the project’s co-founders, left his position to launch a new startup, although he remains involved with Story as a strategic advisor.
In addition, the network is still relatively underutilized, according to DefiLlama data, with less than $50 million in total value locked (TVL), while its decentralized exchanges (DEX) have generated only $7 million in volume over the past 24 hours.
Also according to DefiLlama data, the Story blockchain has collected $700 in fees over the last 24 hours, compared to $22,000 for Arbitrum and more than $200,000 for Base.
The Story Foundation’s three-month IP token buyback program began on August 15. Given the blockchain’s revenues, it appears that the Foundation is using its own funds to buy its token on the market, helping to drive up the price of IP.
