History (IP) is up 100%, but warning signs are appearing.
History (IP) is a layer-1 block designed to bring intellectual property (IP) on-chain and transform it into programmable assets. In the year In early 2026, IP Token made a strong recovery. The price has doubled to over $3.00 from a local low near $1.50.
What brings about this restoration? And is it enough to keep going in the coming months?
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Korean businessmen raise IP
Trading data indicates that South Korean traders have been the biggest contributors to recent price increases for IP.
CoinGecko's data shows that IP's daily trading volume exceeded $300 million on January 13. This was the highest level since the sell-off in October last year, when IP fell by more than 80% in one day.
Upbit alone accounts for over 47% of transaction volume. Apbit is one of South Korea's largest crypto exchange. This shows that Korean businessmen are the main force behind the IP rally.
On Upbit, the IP/KRW pair represents more than 12% of the total trading activity. It is second only to XRP/KRW.
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However, Upbit's dominance shows that the price increase has mainly come from regional demand rather than global adoption.
Some analysts believe that whales played a role in leading this rally.
“Historical Protocol has seen a huge increase this week. With a price increase of over 30%, IP has rallied due to narrative revival. Heavy trading has come in as new investors and whales join the project” Investor Sjul | AltCryptoGems said.
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IP user data shows no segregation.
Despite the price hike, data on the chain tells a different story. The movement does not have strong grassroots support.
According to data from Storyscan, the number of active accounts on the Story Network has remained relatively unchanged in recent months.
The number has dropped from over 10,000 last year to 500 today. This represents a reduction of about 95 percent. The number of daily new users on the Layer-1 network also remained flat. The number stays below 100 per day. That's far below the average of 2,000 a day seen in August and September last year.
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These figures show that the rally was mainly driven by speculation and increased trading volume. It does not reflect real network growth, such as more tokenized IP or robust real-world usage.
Meanwhile, technical analysts warn of negative risks. On the daily timeframe, IP is approaching a key resistance zone between $3.00 and $3.30.
“In the daily timeframe, IP is increasing with strong candles and strong indicators. But the price is now close to the $3.0 – $3.3 protection zone. A breakdown can confirm a change in behavior and start a brutal trend. Wait for confirmation and do not rush,” CryptoPulse commented.
Despite recently doubling in price and increasing volume, IP is down about 80% from last year's peak of $15. The long-term growth of this altcoin is determined by real user adoption and the need for decentralized IP management.
