A bit of over a month in the past, crypto fans woke to a brand new undertaking on the highest 10 rankings of cryptocurrencies by market cap within the type of the Web Pc Protocol (ICP).
The undertaking, run by the Dfinity Basis, was buying and selling for as excessive as over $580 and had a buying and selling quantity of $500 million, displaying that the token was having fun with a bullish season in opposition to the broader crypto market that was bearish.
Builders of the ICP had labeled their undertaking as a approach of getting energy again from the “huge tech.” To place it in less complicated phrases, they have been centered on constructing a extra decentralized community.
Nonetheless, in latest instances, the worth of the undertaking has badly capitulated. It has misplaced over 80% of its worth from its Might all-time excessive and trades at $66 at press time. ICP has additionally fallen out of the highest 10 rankings of crypto property, and it now ranks on quantity 17 with a market cap of $8 billion.
Neighborhood reactions to ICP decline
Crypto fans have already begun giving their opinion on why the undertaking has seen a drop in its worth. Customers on social discussion board Reddit say that whereas the thought and know-how behind the undertaking is a sound one, the undertaking’s decline may be tied to greed and its poor distribution.
“The coin itself doesn’t even sound that dangerous judging from studying about their tech, it’s simply the distribution that’s disgusting,” wrote ‘SweetPie123,’ the put up’s creator. They added that it was “unhappy to see a good undertaking getting ruined by greed.”
The identical person identified: “Early traders purchased anyplace from as little as 3 cents to round 5$ per coin…. Each month new provide will get unlocked, rising promote strain.” He additionally famous that the tokenomics of the asset reveals that “1% airdropped, 50% to the group, relaxation bought to VC’s who just lately have been in a position to dump their cash.”
One other person, “Set1less” stated that “ICP is a centralized shitcoin that’s peddled as “decentralized” to the elites and their cronies in IMF and WEF,” whereas one more person acknowledged that the worth of the asset might drop to as little as “$0.005 by 2025.”
Some customers even stated they felt lied to concerning the protocol being decentralized, as “it’s centralized since they management the DNS.”
Get an edge on the cryptoasset market
Entry extra crypto insights and context in each article as a paid member of CryptoSlate Edge.
Like what you see? Subscribe for updates.