The Dfinity token ICP lost 80% since May from a high of over $700 to around $67 so the community reacted. But, what went wrong? Let’s find out in our altcoin news today.
The Internet Computer Protocol or the Dfinity Token ICP lost 80% since May while a month ago it was trading to a volume of $500 million showing that the token was enjoying a bullish season against the rest of the market that was bearish. The developers of the ICP labeled their projects as a way of getting more power back from big tech as they were focused on building a more decentralized network.
However, the value of the project has badly capitulated and lost over 80% of the value-form its May all-time high and now trades at $66. ICP dropped out of the top 10 rankings in crypto-assets and it is now ranked on number 17 with a market cap of $8 billion. Crypto enthusiasts already started giving their opinion on why the project dropped as users on the social forum Reddit said that while the idea of the technology behind the project is great, the decline can be tied to greed and bad distribution:
“The coin itself doesn’t even sound that bad judging from reading about their tech, it’s just the distribution that’s disgusting.”
The same user pointed out:
“Early investors bought anywhere from as little as 3 cents to around 5$ 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 said that the ICP is actually a centralized shitcoin that peddled as a decentralized coin to the elites and their cronies in IMF and WEF while another user said that the price of the asset could likely drop as low as $0.005 by 2025. Some users said they felt as they were lied to as the protocol was being decentralized on paper but centralized since they control the DNS.
As recently reported, The Dfinity Foundation launched $200 million funds to promote the development of the Internet Computer and the founder of the non-profit Dominic Williams and chief scientist made the announcement. Dfinity gives developers a chance to work on something incredible-a decentralized blockchain network which aims to expand the internet’s functionality.
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