According to ChainCatcher, citing CoinDesk, Story Protocol's IP token plummeted 20% during a trading session from last night to early morning and retraced all of its gains within a few hours.

Within four hours, the IP token price dropped from nearly $4 to $3.27 and rebounded to over $4 after hitting the day's low. Most of the trading volume in this event was concentrated on major exchanges like 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 around $84,000, and there was no apparent trend affecting Altcoins. This made the IP token's sudden crash and rebound an isolated incident. Rumors circulated that large quantities of IP tokens and other tokens like MOVE and LAYER were being sold at a discount through over-the-counter trading. This sparked speculation about insider trading or coordinated selling within the crypto. The volatility raised early concerns similar to the Mantra (OM) selloff event, which had plunged 90% within hours on Sunday.