Users on social forum Reddit say that while the idea and technology behind the project is a sound one, the project’s decline can be tied to greed and its poor distribution. Community reactions to ICP declineĬrypto enthusiasts have already begun giving their opinion on why the project has seen a drop in its value. ICP has also fallen out of the top 10 rankings of crypto assets, and it now ranks on number 17 with a market cap of $8 billion. It has lost over 80% of its value from its May all-time high and trades at $66 at press time. However, in recent times, the value of the project has badly capitulated. The project, run by the Dfinity Foundation, was trading for as high as over $580 and had a trading volume of $500 million, showing that the token was enjoying a bullish season against the broader crypto market that was bearish.ĭevelopers of the ICP had labeled their project as a way of getting power back from the “big tech.” To put it in simpler terms, they were focused on building a more decentralized network. A little over a month ago, crypto enthusiasts woke to a new project on the top 10 rankings of cryptocurrencies by market cap in the form of the Internet Computer Protocol (ICP).
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