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


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

The venture, 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, displaying that the token was having fun with a bullish season in opposition to the broader crypto market that was bearish.

Builders of the ICP had labeled their venture as a manner of getting energy again from the “large tech.” To place it in easier phrases, they had been centered on constructing a extra decentralized community.

Nevertheless, in latest instances, the worth of the venture 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 through TradingView.

Neighborhood reactions to ICP decline

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

The identical consumer identified: “Early buyers purchased anyplace from as little as 3 cents to round 5$ per coin…. Each month new provide will get unlocked, rising promote stress.” He additionally famous that the tokenomics of the asset reveals that “1% airdropped, 50% to the group, relaxation bought to VC’s who not too long ago had 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 value of the asset might drop to as little as “$0.005 by 2025.”

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

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