Story (IP) price recovered 100%, but on-chain data tells a different story.

Story (IP) is a Layer-1 blockchain specifically built to bring intellectual property (IP) onto the chain and turn it into programmable assets. In early 2026, the price of IP Token recovered strongly, doubling from a Dip of nearly $1.50 to over $3.00.

What is driving this rebound? And will it be strong enough to continue in the coming months?

South Korean traders push IP prices higher.

Trading data shows that South Korean traders were the biggest contributors to IP's recent price surge.

According to data from CoinGecko, IP's daily volume exceeded $300 million on January 13th. This is the highest level since the sell-off last October, when IP plummeted by more than 80% in a single day.

Upbit alone accounted for over 47% of the total volume. Upbit is one of the largest crypto exchange in South Korea . This shows that Korean traders are the main driving force behind the price surge of IP.

On Upbit, the IP/KRW pair also accounted for over 12% of total trading activity, second only to the XRP/KRW pair.

However, Upbit 's dominance also reflects that this growth is primarily driven by regional demand, not widespread global adoption.

Some analysts also suggest that sharks contributed to this price surge.

“Story Protocol is the biggest gainer this week. IP price has surged over 30% thanks to the resurgence of the promising story. Huge volume have emerged as more new investors and whales join the project,” commented investor Sjuul | AltCryptoGems.

IP user data shows no breakthrough yet.

Despite the sharp price increase, on-chain data suggests something different. This price surge doesn't stem from a solid foundation.

Data from Storiescan indicates that the number of active accounts on the Story network has remained virtually unchanged in recent months.

This number has dropped from over 10,000 last year to under 500 now, a decrease of approximately 95%. The number of new daily users on this Layer-1 network has also remained almost flat , currently below 100 per day, compared to over 2,000 per day in August and September of last year.

These figures suggest that the price increase is primarily driven by speculation and volume, rather than reflecting the actual development of the network, such as the addition of Tokenize IP or increased practical applications.

Meanwhile, technical analysts are also warning of the risk of a price correction. On the daily chart, IP is approaching the key resistance zone between $3.00 and $3.30.

“On the daily chart, IP is surging strongly with green candles and positive indicators. However, the price is currently approaching the $3.0–$3.3 resistance zone. If it breaks through, IP could confirm a new uptrend. Wait for confirmation, don't rush,” CryptoPulse commented .

Despite recently doubling in price and experiencing a surge in volume , IP is still down approximately 80% from its all-time high of $15 last year. The long-term growth of this altcoin will depend on actual user participation and the demand for decentralized IP management on the blockchain .