IP rally driven by South Korean traders despite weak on-chain metrics

While Story (IP) has recently rallied past the $3 mark, its on-chain indicators are flashing warning signs, BeInCrypto reported. The token's daily trading volume has surpassed $300 million, according to CoinGecko, with the South Korean exchange Upbit accounting for over 47% of the total, leading the surge. However, the publication noted that despite the price increase, the number of active accounts on the Story network has plummeted from around 10,000 last year to fewer than 500. Additionally, the number of new daily users is below 100. Many experts reportedly believe the rally is fueled by speculative demand from the South Korean market rather than fundamental improvements.