IP up 30% as Story rebrands to The DATA Foundation – Start of a bigger rally?

Story Protocol [IP] is transitioning from a ‘tokenized all IP’ network to a specifically licensed AI data training blockchain. This follows a strong shift into the use of AI across the globe.

As such, Story has rebranded to DATA Network [DATA], resulting in more than a 30% uptick in price action. This spike confirmed the thesis; earlier major rebrands have sparked fresh narratives.

The price surge came from increased trading activity and liquidity as evidenced in the explorer’s data.

DeFi What you need to know after IP rebranded to DATA

Following the rebranding, questions arise about the tokenomics of the protocol’s native token. The DATA Foundation announced that the migration of IP to DATA would happen on a 1:1 ratio.

Upon that, The DATA Foundation outlined new missions for the network upon transition into the AI economy. The missions included building a trust layer for AI training and tracking over 1 billion data records.

The result of this rebranding was a spike in daily trading volume by almost 3x. That is, it increased by 294% to around $206 million.

This translated to a high turnover ratio of 1.71, affirming the intense trading activity and liquidity. However, the market remained cautiously bullish as the surge was followed by a correction of almost equal measure.

DATA Network’s chain activity also grew by more than 4x to a monthly peak. That is, the Daily Transactions rose from 30.83K to 130.58K as of press time.

From the on-chain and trading data, it can be confirmed that the rebranding has led to a shift in market activity of the chain. The question remains if this is just another rebranding pump or the beginning of a much bigger story?

DeFi Is this the beginning of a bigger story?

The price action has broken from a three-week sideways market, surging to a daily peak value of about $0.40. However, it has almost fully corrected the run amid profit-taking.

Over 8 million IP tokens were bought on OKX’s spot market on the news. However, only slightly more than 3 million IP tokens are now held by traders. This indicates around 5 million DATA tokens have been sold for profits.

Even the Bull Bear Power has flipped red, indicating buyer strength is getting exhausted. This suggests that this is a rebranding pump.

However, if the altcoin stays above the $0.3260 zone and bounces up, it could signal the start of bigger trend. But DATA’s price needs to break above the lower high at the $0.45 zone for continued appreciation.

DeFi Final Summary

• IP surges 30% in 24 hours after rebranding to DATA Network following increased trading activity, volume, and liquidity. 
• IP broke out of a sideways consolidation, but for a continued uptrend, DATA needs to hold above $0.3260 and break above $0.45.