In the fast-paced world of crypto, sentiment can shift quicker than a meme coin pump. A recent thread from Cookie DAO on X highlights how Story Protocol, a blockchain project aimed at bringing intellectual property (IP) onchain, is currently leading the pack in bad sentiment. This comes right after news of a co-founder stepping away, but as the thread digs deeper, it seems there's more brewing under the surface.

Cookie DAO, known for mapping market influence through capital and mindshare connections, shared a snapshot showing various tokens with negative sentiment scores. Story Protocol's $IP tops the list with a whopping -5.48K, followed by familiar meme names like BONK (-4.16K), BOBO (-2.71K), and others such as ZK, KORI, and LAUNCHCOIN. This visual grid paints a picture of a broader downturn in crypto enthusiasm, particularly among meme tokens that thrive on hype and community vibes.

The thread questions whether the co-founder's exit is the sole culprit or if deeper issues are at play. Story Protocol, often compared to platforms like Airbnb or Uber for its asset-light model in onchain IP management, has raised eyebrows with its massive $5.9 billion fully diluted valuation (FDV). Yet, as pointed out in the follow-up post, real-world performance tells a different tale.

Diving into the Smart Feed—a tool likely aggregating X discussions—reveals sharp community skepticism. One user, @_gvan, mocked the project's revenue: "Story Protocol (5.9B FDV) made $24 in revenue yesterday LMAO." Another, @naruto11eth, drew parallels to successful Web2 giants but flipped it negatively: "Airbnb has no houses, Uber has no cars, Story Protocol has no IP onchain." These jabs suggest concerns over the project's actual utility and adoption, common pain points in the meme token space where promises often outpace delivery.

Not everyone is bearish, though. Neutral takes from @waleswoosh and @cypherweb31 highlight that most $IP hasn't been bought on the open market, meaning fewer retail investors are left holding the bag despite the hefty fundraising. This could soften the blow from the sentiment dip, as big losers are scarce.

On the price front, $IP has taken a hit: down 1.76% in the last 24 hours and 0.53% over the past week. In a market where meme coins like BONK and BOBO are also bleeding sentiment, this could signal a wider cooldown. For blockchain practitioners eyeing meme tokens, it's a reminder to look beyond the hype—check revenue, onchain activity, and team stability.

As Cookie DAO teases, they'll keep an eye on how this "story" unfolds. In the meme coin world, bad sentiment can be a buying opportunity for the bold or a warning sign for the cautious. If you're building or investing in similar projects, tools like sentiment trackers can help gauge the crowd's mood before it turns.

For more insights into meme token trends and blockchain news, stick with Meme Insider. We've got the knowledge base to help you navigate these volatile waters.