Community reacts after Dfinity token ICP loses 80% of its value since May ๐จ This article is 3 years old...
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Community reacts after Dfinity token ICP loses 80% of its value since May
Internet Computer Protocol has gone from a high of over $700 to be trading around $67 within the space of one month. What went wrong?
2 min read
Updated: Mar. 20, 2022 at 4:10 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 โbig tech.โ 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 $8 billion.
Community reactions to ICP decline
Crypto enthusiasts have already begun giving their opinion on why the project has seen a drop in its value. Users on social forum Reddit say that while the idea and technology behind the project is a sound one, the project’s decline can be tied to greed and its poor distribution.
โThe coin itself doesnโt even sound that bad judging from reading about their tech, itโs just the distribution thatโs disgusting,โ wrote ‘SweetPie123,’ the post’s creator. They added that it was โsad to see a decent project getting ruined by greed.”
The same user pointed out: โEarly investors bought anywhere from as little as 3 cents to around 5$ per coinโฆ. Every month new supply gets unlocked, increasing sell pressure.โ He also noted that the tokenomics of the asset shows that โ1% airdropped, 50% to the team, rest sold to VCโs who recently were able to dump their coins.โ
Another user, “Set1less” said that โICP is a centralized shitcoin that is peddled as “decentralized” to the elites and their cronies in IMF and WEF,โ while yet another user stated that the price of the asset could drop to as low as โ$0.005 by 2025.โ
Some users even said they felt lied to about the protocol being decentralized, as โit is centralized since they control the DNS.โ
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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