Story Protocol’s native token IP hit an all-time high price of around $11.75, surging 30% after Nasdaq-listed Heritage Distilling announced plans to build significant IP token reserves.
Heritage’s strategy is backed by $220 million in private investment in public equity (PIPE) financing, which included participation from high-profile investors like a16z crypto, Amber Group, Polychain Capital and Cantor Fitzgerald.
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It comes shortly after the controversial exit of Story’s co-founder Jason Zhao, who stepped down from his full-time role last month to focus on a new AI project called Poseidon.
Some members of the crypto community labeled Zhao’s exit as a “soft rug pull” because the project had not delivered on its promises while insiders still held significant token stakes.
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