A bit over a month in the past, crypto lovers woke to a brand new undertaking on the highest 10 rankings of cryptocurrencies by market cap within the type of the Web Laptop 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, exhibiting that the token was having fun with a bullish season towards the broader crypto market that was bearish.
Builders of the ICP had labeled their undertaking as a approach of getting energy again from the “massive tech.” To place it in less complicated phrases, they have been targeted on constructing a extra decentralized community.
Nevertheless, in current 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 belongings, and it now ranks on quantity 17 with a market cap of $8 billion.
Neighborhood reactions to ICP decline
Crypto lovers have already begun giving their opinion on why the undertaking has seen a drop in its worth. Customers on social discussion board Reddit say that whereas the thought and expertise behind the undertaking is a sound one, the undertaking’s decline might be tied to greed and its poor distribution.
“The coin itself doesn’t even sound that unhealthy judging from studying about their tech, it’s simply the distribution that’s disgusting,” wrote ‘SweetPie123,’ the submit’s creator. They added that it was “unhappy to see an honest undertaking getting ruined by greed.”
The identical consumer identified: “Early buyers purchased anyplace from as little as 3 cents to round 5$ per coin…. Each month new provide will get unlocked, growing promote strain.” He additionally famous that the tokenomics of the asset reveals that “1% airdropped, 50% to the staff, relaxation offered to VC’s who lately have been in a position to dump their cash.”
One other consumer, “Set1less” mentioned that “ICP is a centralized shitcoin that’s peddled as “decentralized” to the elites and their cronies in IMF and WEF,” whereas one more consumer said that the value of the asset might drop to as little as “$0.005 by 2025.”
Some customers even mentioned they felt lied to concerning the protocol being decentralized, as “it’s centralized since they management the DNS.”
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