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).
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.
Developers 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.
However, in recent times, the value of the project has badly capitulated. It has lost over 80% of its value from its May all-time high and trades at $66 at press time. 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 $8 billion.
Community reactions to ICP decline
Crypto enthusiasts have already begun giving their opinion on why the project has seen a drop in its value. Users on social forum Reddit say that while the idea and technology behind the project is a sound one, the project’s decline can be tied to greed and its poor distribution.
“The coin itself doesn’t even sound that bad judging from reading about their tech, it’s just the distribution that’s disgusting,” wrote ‘SweetPie123,’ the post’s creator. They added that it was “sad to see a decent project getting ruined by greed.”
The same user pointed out: “Early investors bought anywhere from as little as 3 cents to around 5$ per coin…. Every month new supply gets unlocked, increasing sell pressure.” He also noted that the tokenomics of the asset shows that “1% airdropped, 50% to the team, rest sold to VC’s who recently were able to dump their coins.”
Another user, “Set1less” said that “ICP is a centralized shitcoin that is peddled as “decentralized” to the elites and their cronies in IMF and WEF,” while yet another user stated that the price of the asset could drop to as low as “$0.005 by 2025.”
Some users even said they felt lied to about the protocol being decentralized, as “it is centralized since they control the DNS.”
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.