Key Notes
- IP and HYPE token have surged significantly despite market downturn.
- This could signal a growing popularity of DeFi platforms.
Story Protocol’s IP and Hyperliquid’s HYPE HYPE $20.01 24h volatility: 5.5% Market cap: $6.69 B Vol. 24h: $302.70 M tokens may have caught the attention of crypto traders. The prices of the two altcoins have been observed to be moving at quite a significantly higher pace than other coins. They are putting up significant gains on a day when the large majority of the crypto market is just trying to put the losses of the previous day behind them and settle down a bit.
On Tuesday, Bitcoin led the crypto market downturn by slipping below the $90,000 threshold. It eventually dipped near a low of $88,000 as the wider market also continued to bleed.
However, the story is not the same as Story’s native token IP. The token has seen a notable surge, up about 39.59% in the last 24 hours and trading at $6.61 as of publication. That is, according to CoinMarketCap data .
Similarly, Hyperliquid’s native token HYPE initially surged around 15% to peak at a price of $21.05. However, it has since shed some of those gains, but still up 4.93% in the past 24 hours and was seen trading at $19.85.
Why Are IP and HYPE Surging?
Without a doubt, the world of decentralized finance ( DeFi ) is fast shaping up. However, the contribution of the projects behind these two tokens to that reality can not be overemphasised.
Story Protocol, for instance, has been doing tremendously well in the area of managing and monetizing intellectual property (IP). Its work so far, particularly in tokenizing creative assets into programmable, tradable entities, has now given creators full control over their works.
Aria Protocol, a project within Story’s ecosystem, also recently acquired the protocol. So, all these new developments may have contributed to the positive response that the IP token is seeing in the market.
Unlike Story’s IP, Hyperliquid looks as though it may have already established its position as a major decentralized exchange (DEX) operating on a custom Layer 1 blockchain. At least, its trading volumes attest to this fact.
For context, data from DefiLlama shows Hyperliquid raking in $3.5 million on Tuesday alone, having generated almost $40 million so far this February.
As would be expected, this ensures that there is a steady buying pressure for HYPE regardless of what might be going on in the broader market.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
