Story Protocol price hikes 55%, joining top AI tokens by market cap

Story Protocol, launched just over a week ago, joins top 10 AI projects by market cap, surpassing Virtual Protocol.

Story Protocol (IP) is currently trading for $5.23, up 55% in the past 24 hours and 186% in the past week, with a market cap of over $1.2 billion. This makes it one of the top 10 AI projects by market cap, surpassing Virtual Protocol, according to CoinGecko. 

The price surge comes after the platform shared more details about its technical roadmap on Thursday. According to the roadmap, the network plans to roll out the public beta for its IP Portal and decentralized oracle network in Q2.

It also follows a series of recent listings on major exchanges, including crypto.com, MEXC and KuCoin. 

Story protocol officially launched its public mainnet just over a week ago, following a six-month testnet phase. Alongside its mainnet launch, Story Protocol conducted its first unlock event, releasing 25% of the initial 1 billion IP tokens, with 58.4% allocated to the ecosystem and community, foundation, and initial incentives.

Developed by PIP Labs, Story Protocol (IP) is a Layer 1 blockchain aimed at revolutionizing intellectual property management. To this end,  it offers creators the ability to register their intellectual property as “IP Assets” on the blockchain, allowing them to set programmable usage terms and directly monetize their content without relying on intermediaries.

The platform’s native token, “IP,” announced on Feb. 7, is used for transaction fees and governance voting. The project had a strong presale, securing $80 million in a Series B funding round led by Andreessen Horowitz (a16z), bringing its total funding to $140 million.