PANews reported on April 15 that according to CoinDesk, Story Protocol's IP token plummeted 20% during a trading session from late last night to early this morning, and gave up all its gains within hours. Within four hours, the IP token price dropped from nearly $4 to $3.27, and then rebounded to over $4 within hours of hitting the day's low point. Most of the trading volume in this event was concentrated on major exchanges such as Binance and OKX spot markets, with trading volume exceeding $40 million before the crash and reaching $138 million after the rebound. At the time, the broader crypto market remained 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 crash and rebound of the IP token an isolated incident. Rumors circulated that a large number of IP tokens and other tokens, such as MOVE and LAYER, were being sold at a discount through over-the-counter trading. This sparked speculation within the crypto about insider trading or coordinated selling. As a result, the cumulative losses of IP futures tracking during the price volatility were only $1.4 million, which is very low considering the rapid price changes and trading volume. This indicates that all trading activities were primarily based on actual spot buying and selling.

This volatility raised early concerns about similar sell-off events like Mantra (OM). On Sunday night, Mantra (OM) plummeted 90% within hours, and as of Tuesday, the specific reasons for this sell-off remain unclear.