Community reacts after Dfinity token ICP loses 80% of its value since May

 Community reacts after Dfinity token ICP loses 80% of its value since May

A little bit over a month in the past, crypto fanatics woke to a brand new mission on the highest 10 rankings of cryptocurrencies by market cap within the type of the Web Pc Protocol (ICP).

The mission, 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 mission as a means of getting energy again from the “huge tech.” To place it in easier phrases, they have been targeted on constructing a extra decentralized community.

Nonetheless, in latest occasions, the worth of the mission has badly capitulated. It has misplaced over 80% of its worth from its Could 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.

Picture: ICP/USD by way of TradingView.

Group reactions to ICP decline

Crypto fanatics have already begun giving their opinion on why the mission has seen a drop in its worth. Customers on social discussion board Reddit say that whereas the concept and know-how behind the mission is a sound one, the mission’s decline will 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 publish’s creator. They added that it was “unhappy to see a good mission getting ruined by greed.”

The identical consumer identified: “Early traders purchased wherever 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 crew, relaxation bought to VC’s who not too long ago have been capable of dump their cash.”

One other consumer, “Set1less” stated 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 acknowledged that the worth of the asset may drop to as little as “$0.005 by 2025.”

Some customers even stated they felt lied to in regards to the protocol being decentralized, as “it’s centralized since they management the DNS.”

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