Crypto traders are likely still reeling from Tuesday’s market carnage, but bullish bets on two altcoins are paying off handsomely.
Intellectual property upstart Story’s IP is up nearly 40%, beating a 5.20% rally in major tokens tracked by the broad-based CoinDesk 20, while on-chain exchange Hyperliquid’s HYPE is up 15%.
Monitoring outperforming tokens during a market rally or rebound indicates demand — making these ripe to put on one’s radar as any future dips could turn profitable for traders.
IP-tracked futures showed a 52% rise in open interest to $162 million on Wednesday, signaling trader enthusiasm. Story Protocol tokenizes creative assets — like art, music, or AI-generated content — into programmable, tradable entities that give their holders or owners the right to the underlying asset.
Story ecosystem project Aria Protocol said on Wednesday it had acquired partial rights to “The Truth Untold” by Korean band BTS, a song with over 670 million streams.
Elsewhere, strong fundamentals could be fuelling HYPE’s demand. The mothership exchange saw over $190 billion in trading volumes in January and $167 billion in February, with all revenue generated for token buybacks from the open market.
Data shows Hyperliquid made $3.5 million on Tuesday alone, with nearly $40 million generated so far this month. This creates steady buying pressure for HYPE regardless of the broader market’s movements.