- Internet Computer (ICP) has in the last 24 hours recorded significant gains of up to 50 percent, successfully climbing into the top 20 coins in the market.
- The gains offer a lifeline to early investors after the coin’s sensational debut a few months ago in which it shot up to reach a record $737 in a few days before crashing.
Internet Computer (ICP) has made it back to the top 20 ranked coins in the market. The coin has in the last 24 hours looked like its former self after recording an epic fall shortly after its launch. Overnight, ICP became one of the most coveted coins in the market after trading for over $700 just days after its debut and support by Coinbase and Binance, two of the largest crypto exchanges in the world.
As CNF reported, in just four days, ICP had a market cap of roughly $50 billion and had successfully taken position as the fifth-largest cryptocurrency. Though the project had been in development for more than 5 years and was backed by some of the most prominent individuals and institutions, the meteoric rise was a surprise for many in the community.
Read More: What is the Internet Computer (ICP)? The crypto that shot to top five, four days after launch
“The bigger they are, the harder they fall”
Just days after peaking, it was clear that the asset was overpriced and much of its gains were driven by FOMO (Fear of Missing Out). Additionally, it was at the height of the market frenzy with a majority of other tokens also marking new all-time highs. With investors beginning to cash out and the wider market correcting, ICP tumbled, reaching an all-time low of $20. Since its peak, the digital asset has wiped out more than 90 percent of its value.
In the past 24h, ICP has risen by more than 51%, and the market value ranking has returned to the top20. But in less than two months, ICP has fallen by 93.78% since its peak of $737.2 on May 10th. The founder of Dfinity has criticized both Ethereum and Polkadot for centralization
— Wu Blockchain (@WuBlockchain) June 28, 2021
The price pump in the last 24 hours cannot be pinned to an event or development. In addition to the price pump, its daily trading volume has drastically risen. At the time of press, the volume is just over $700 million, a more than 350 percent increase in the last 24 hours.
DFINITY Foundation blamed for price crash
Some users have accused the DFINITY Foundation, the team behind the project, of dumping tokens on the market. The team is further accused of doing this at the expense of others having locked everyone else’s tokens.
A short story.
“But the tech is still cool.”#dfinity $ICP pic.twitter.com/HkaBl2KgX4
— James Spediacci ⟠🦇🔊 (@JamesSpediacci) June 25, 2021
There is no concrete proof of this and the DFINITY Foundation has been clear that the project is a blockchain which would make it impossible to lock everyone else’s tokens at least not without a majority vote.
Defined as “the world’s first fully adaptive blockchain,” Internet Computer has been regarded as a frontier into the next generation blockchain. However, its price movement has raised serious questions for investors and potential partners.
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