The latest storm to hit the crypto world came on April 14, when the prices of two big tokens—STORY (IP) and ACT—took a nosedive. This was a day for large-scale liquidations and for expressing concerns about the market’s stability and sentiment. STORY (IP), a token tied to an ever-expanding narrative-driven decentralized ecosystem, took a blunt noontime hit of about 21.5 percent. The token went from $3.90 to a low of $2.90 before it staged a bit of a recovery to close the day around the $4.00 level. While brief, the steep correction sent ripples of activity across the major exchanges, with Binance Futures and the spot markets of OKX appearing to be the centers of that trading volume. $IP dropped over 20% from $3.9 to $2.9 yesterday, before bouncing back to around $4. In the past 24h, $2.07M in positions were liquidated: $1.17M in longs and $902K in shorts. pic.twitter.com/RUh16lwRdz — Satoshi Club (@esatoshiclub) April 15, 2025 Based on data from on-chain and exchange sources, the plunge in IP’s price caused liquidated positions exceeding $2.07 million to vanish within a mere 24 hours. Of these positions, around $1.17 million belonged to long traders, while $902,000 was held by shorters. The almost equally shared load of long and short liquidations between these two trading groups points to a very unstable environment, with rapid price changes stopping both kinds of traders in their tracks. The steep drop, which was almost immediately followed by a recovery, suggests that the token’s price action was influenced by some combination of aggressive leverage trading, stop-hunting behavior, and maybe a touch of automated liquidation. That dynamic—if that’s what was going on—certainly isn’t uncommon in the crypto derivatives space, where rapid price moves tend to be amplified by excessive leverage and market inefficiencies. ACT Token Joins the Slide with Steeper Losses As the market concentrated on the IP token’s sharp decrease, the ACT token experienced a similar, if not more intense, selling on the centralized exchanges. The result of this was a sudden drop of roughly 27 percent in the price of ACT in just a few hours. There are both narrative and infrastructure reasons that make ACT an increasingly attractive token. Despite these reasons to be bullish on the price of ACT, however, the token dropped sharply—much like the IP token. Even though ACT’s trading data lacks some of the granular liquidation figures seen with IP, the drop likely triggered the cascade of automated trades and selling by panicked humans that we associate with downward momentum. Earlier in the week, ACT had shown signs of strength, but its sharp reversal underscores just how unpredictable it is to trade sentiment-driven tokens in a market that is so very speculative. Both IP and ACT falling in sync could signal an even broader decline in the altcoin market—a sign of market fragility. Bitcoin and Ethereum are in somewhat of a range, consolidating at the recent highs. That means the smaller-cap tokens, in comparison to BTC and ETH, are acting somewhat as wildcats—unexpectedly shifting much lower, or, in some cases, much higher (in the direction of the recent highs). Market Context and Caution Ahead Both tokens’ sharp price swings are a stark reminder of the crypto market’s volatility, particularly for sectors driven by the hype of good narratives, potential use cases, or speculation. And yet, even volatility can’t explain why an event on April 14 sent the prices of both swinging in the same direction. Especially traders who use high leverage are advised to stay careful and watchful in these kinds of environments. This is because trading in futures and on margin can yield vast amounts of gains but also expose traders to very large and very quick losses when volatility kicks up. At present, both IP and ACT seem to have slightly stabilized after their sharp declines, but a lot of uncertainty still prevails. Market watchers will be closely observing in the next few days for any signs that renewed volatility may be just around the corner. If that does happen, one can bet that derivatives-heavy platforms like Binance Futures will once again be playing an oversized role in any price action we see across the broader crypto market. In summary, the happenings associated with IP and ACT provide yet another lesson about the market’s behavior, risk management, and the often-unpredictable course of digital assets. Whether or not these tokens make an even more robust recovery or face an ongoing deluge of sell orders will depend, in a very large way, on what happens next in the minds of investors, in the crypto sector’s overall market conditions, and in the digital asset space’s broader bubble or not trajectory. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image(s): Shutterstock.com