Why is Story’s [IP] price up 36% today despite weak network revenue?

Story [IP] locked in a massive 36% in daily gain on the 13th of January, following a broader market rally after softer inflation data that lifted Bitcoin [BTC]. 

This upswing brought IP’s overall weekly recovery gains to nearly 100%. Since its second leg of recovery began on the 11th of January, the altcoin has doubled in value, rising from $2 to $4.

At press time, however, IP had slightly retreated to $3.89. 

The latest recovery leg began at the 50-day Moving Average (MA, white) dynamic support. The immediate upside target would be the golden ratio (61.8% – 50% Fib levels), which aligned with the 200-day Moving Average (MA). 

In other words, crossing the $5-$6 mark would determine the next stage of the recovery; otherwise, a consolidation or cooling-off period could ensue. 

The Relative Strength Index (RSI) also broke above 87 on the price charts. This suggested strong buying pressure. But the overbought RSI levels also warned of potential reversal, as seen in August and September (orange circles). 

What triggered Story IP’s rally?

The explosive recovery was also marked by strong demand from the spot markets, according to CryptoQuant data.

It’s worth pointing out that the Bitcoin surge after softer CPI data improved market sentiment from ‘fear’ to a ‘neutral’ level. If the macro landscape positively boosts the sector in the following days, IP could trigger another recovery phase above $6.  

Most importantly, the scheduled protocol network upgrade has renewed the bullish sentiment on the protocol, which aims to enable creators to enjoy their intellectual property (IP) rights on-chain. 

Network activity muted despite upgrade support

The upgrade is scheduled for the 14th of January, 23:30 UTC, and on-chain transactions will be briefly paused. Several exchanges, including OKX, HTX, and Upbit, among others, will block deposits and withdrawals of IP during the upgrade window to prevent loss of funds. 

The upgrade, also known as Yusanari, seeks to activate the Ethereum Fusaka upgrade features on the protocol. 

Despite the massive recovery, the protocol’s traction has been short of muted. According to DeFiLlama data, the protocol’s monthly revenue fell from $94k in September 2025 to $323 in December.

So far in 2026, it has generated $152, which is significantly less than most protocols, suggesting low network activity.

Final Thoughts

• Story IP token blasted 36%, extending weekly recovery to 100% thanks to macro and protocol-related catalysts. 
• However, the network activity didn’t match the explosive price rally, suggesting a mismatch between market and fundamentals.