The IP token experienced a volatility of 20% during the trading period from last night to early this morning

ChainCatcher news, according to CoinDesk, from last night to early this morning, the IP token of Story Protocol plummeted 20% in a single trading session and retraced all gains within a few hours.

Within four hours, the price of the IP token dropped from nearly $4 to $3.27, and then rebounded to over $4 within a few hours after hitting the day's low. Most of the trading volume during this event was concentrated on major exchanges such as Binance and OKX, with trading volume exceeding $40 million before the crash and reaching $138 million after the rebound.

At that time, the broader cryptocurrency market was relatively stable, with Bitcoin trading at around $84,000, and there was no significant impact on the general trend of altcoins. This made the sudden drop and rebound of the IP token an isolated incident. There were rumors that a large amount of IP tokens, as well as other tokens like MOVE and LAYER, were being sold at a discount through over-the-counter trading. This sparked speculation within the cryptocurrency community about insider trading or coordinated sell-offs. The volatility raised early concerns reminiscent of the Mantra (OM) sell-off event. Previously, on Sunday, Mantra (OM) had plummeted 90% within a few hours.