After a reduction from the intra-day level of $45,01, the ICP/USD exchange rate concluded the meeting at $42,98. The pair traded at $28.31 in its low quarter-to-date. In the meanwhile the new intraday was 47.63 dollars on Monday. His last bounce was therefore restored to paper profits of 68,27 percent.
The main price decrease in the Internet Computer market also followed a severe 95% drop since the introduction of ICP over key cryptocurrency exchanges, including Binances and Coinbase, for than a month ago. Therefore, the vengeance comeback in the last 24 hours of the crypto-currency did nothing to compensate for its persisting bizarre partiality.
Which ICP collapsed?
Some members of the local community said Dfinity, Zurich's non-profit support to the Internet Computer project, had dumped almost 6 billion dollars in ICP since the token became traded. Redditor @trapsandwich, who claims to be an early investment, has written a study on r/Dfinity over a month ago, stating that the internet computer team has been constantly sending wallets to exchanging their tokens.
Reddit Dfinity Moderators deleted the post.
In another post, @trapsandwich further alleged that Dfinity froze the ICP Tokens for an extra month after its early investors had listed the TOKs in crypto market. At the same time, though, the company had no ICP holdings of its own of 111 million.
The number of ICP tokens Determination dropped since inception is as high as 90 million was stated by another Redditor @Beneficial-Source147. However, some editors have defended themselves and stated that most ICP transfers were developer subsidies, not sales.
The allegations overall indicated that Internet Computer has deliberately prevented its investors from accessing ICP marketplaces. In the meanwhile, the token also went down in an overall downturn of the cryptocurrency market.
But it proved more severe than its major rivals, including Ether (ETH), Cardano. However, the Internet Computer was not. Overvaluation risks therefore seem to have been included.
In particular, traders valued ICP differently at the beginning of its introduction across many cryptocurrency platforms. For example, on the first day, the ICP/USD exchange rate was $3,161. In the meanwhile, the intraday high of the pair in Coinbase went up to €630.
The current supply from the ICP on 11 May amounted to about 134,8 million compared to the overall ceiling of 469,2 million. The Internet Cap was therefore valued almost $426 billion on Binance. The Blockchain Dfinity Project would be the third most valued project after Bitcoin and Ethereum at that time. At $482,881 billion on May 11, Ethereum's market value peaked.
What about ICP now?
Another contenders in the current blockchain scalability struggle is the Internet computer. As a project. However, Dfinity offers to create big data centers and high-end node computers that may give greater bandwidth for its project rather than rely on miners or small-scale valider to run a public leader.
Mira Christanto, a researcher on the crystal analytics platform Messari, also observed, "if the IC is successful to replace traditional IT, there will be no need for centralized DNS services, anti-virus services, firewalls, bases of information, cloud services, and vpns."
After its high visibility listings in various cryptocurrency platforms ICP had a fantastic launch. This coin also received backing from a flourishing number of well-known investors, including the Andreessen Horowitz 16z cryptographic startup fund and Polychain Capital, a cryptographic New York hedge fund led by Olaf Carlson-Wee who formerly served at Coinbase as the head of risks.
At the very peak of its debut it may have had unrealistic valuations and excess liquidity. The token, however, has been overpowered by the readings of its relative strength index, which might be a purchase signal to some merchants since its introduction.
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