Story protocol [IP] makes the transition from a ‘tokenized all IP’ network to a specifically licensed blockchain for AI data training. This follows a strong shift in the use of AI around the world.
As such, Story has been rebranded as DATA Network [DATA]resulting in an increase in price action of over 30%. This peak confirmed the statement; previous major rebrands have led to new stories.
The price increase was due to increased trading activity and liquidity, as shown by the explorer’s data.
What you need to know after IP is renamed DATA
Following the rebrand, questions arise about the tokenomics of the protocol’s original token. The DATA Foundation announced that the migration from IP to DATA would be done at a ratio of 1:1.
Thereupon, DATA Foundation outlined new missions for the network as it transitions to the AI economy. The missions include building a trust layer for AI training and tracking more than 1 billion data records.
The result of this rebranding was a nearly threefold spike in daily trading volume. That is, it rose 294% to about $206 million.
This translated into a high turnover ratio of 1.71, confirming the intense trading activity and liquidity. However, the market remained cautiously bullish as the rise was followed by an almost equal correction.
DATA Network’s chain activity also grew more than 4x to a monthly peak. That is, at the time of writing, daily transactions have increased from 30.83K to 130.58K.
From the on-chain and trading data it can be confirmed that the rebranding has led to a shift in the chain’s market activity. The question remains whether this is just another rebranding pump or the beginning of a much bigger story?
Is this the beginning of a bigger story?
The price action has emerged from a three-week sideways market and has risen to a daily high of around $0.40. However, it has almost completely corrected the run due to profit taking.
More than 8 million IP tokens were purchased on OKX’s spot market on the news. However, there are now only just over 3 million IP tokens in the hands of traders. This indicates that approximately 5 million DATA tokens have been sold for profit.
Even the Bull Bear Power has turned red, indicating that buying power is being exhausted. This suggests this is a rebranding pump.
However, if the altcoin stays above the $0.3260 zone and bounces higher, it could signal the start of a bigger trend. But DATA’s price needs to break above the low in the $0.45 zone for further appreciation.
Final summary
- IP increases by 30% in 24 hours after rebranding to DATA Network due to increased trading activity, volume and liquidity.
- IP broke out of a sideways consolidation, but for a sustained uptrend, DATA needs to hold above $0.3260 and break above $0.45.