{"id":192692,"date":"2021-06-12T05:00:54","date_gmt":"2021-06-12T04:00:54","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=192692"},"modified":"2022-03-20T16:10:54","modified_gmt":"2022-03-20T16:10:54","slug":"community-reacts-after-dfinity-token-icp-loses-80-of-its-value-since-may","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/community-reacts-after-dfinity-token-icp-loses-80-of-its-value-since-may\/","title":{"rendered":"Community reacts after Dfinity token ICP loses 80% of its value since May"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The project, run by the Dfinity Foundation, was trading for as high as <a href=\"https:\/\/coinmarketcap.com\/currencies\/internet-computer\/\">over $580<\/a> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Developers of the ICP had labeled their project as a way of getting power back from the \u201cbig tech.\u201d To put it in simpler terms, they were focused on building a <em>more<\/em> decentralized network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 <\/span><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<figure id=\"attachment_192706\" aria-describedby=\"caption-attachment-192706\" style=\"width: 1805px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-192706\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/HncxrKeM.png\" alt=\"\" width=\"1805\" height=\"855\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/HncxrKeM.png 1805w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/HncxrKeM-300x142.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/HncxrKeM-1024x485.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/HncxrKeM-768x364.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/HncxrKeM-1536x728.png 1536w\" sizes=\"(max-width: 1805px) 100vw, 1805px\" \/><figcaption id=\"caption-attachment-192706\" class=\"wp-caption-text\">Image: <a href=\"https:\/\/tradingview.com\/symbols\/ICPUSDT\/\">ICP\/USD<\/a> via TradingView.<\/figcaption><\/figure>\n<h2><strong>Community reactions to ICP decline<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Crypto enthusiasts have already begun giving their opinion on why the project has seen a drop in its value. Users on social forum Reddit <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/nwvl0x\/internet_computer_icp_is_already_down_85_from_the\/\">say<\/a> 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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe coin itself doesn\u2019t even sound that bad judging from reading about their tech, it\u2019s just the distribution that\u2019s disgusting,\u201d wrote &#8216;<a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/nwvl0x\/internet_computer_icp_is_already_down_85_from_the\/h1caur2?utm_source=share&utm_medium=web2x&context=3\">SweetPie123<\/a>,' the post's creator. They added that it was \u201csad to see a decent project getting ruined by greed.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The same user pointed out: \u201cEarly investors bought anywhere from as little as 3 cents to around 5$ per coin\u2026. Every month new supply gets unlocked, increasing sell pressure.\u201d He also noted that the tokenomics of the asset shows that \u201c1% airdropped, 50% to the team, rest sold to VC\u2019s who recently were able to dump their coins.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another user, &#8220;Set1less&#8221; said that \u201cICP is a centralized shitcoin that is peddled as &#8220;decentralized&#8221; to the elites and their cronies in IMF and WEF,\u201d while yet another user stated that the price of the asset could drop to as low as \u201c$0.005 by 2025.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some users even said they felt <em>lied to<\/em> about the protocol being decentralized, as \u201cit is centralized since they control the DNS.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":192705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,35372,6849],"tags":[76812,76811],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Community reacts after Dfinity token ICP loses 80% of its value since May<\/title>\n<meta name=\"description\" content=\"Crypto enthusiasts woke to a new project on the top 10 rankings of cryptocurrencies by market cap in the form of the ICP last month.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/community-reacts-after-dfinity-token-icp-loses-80-of-its-value-since-may\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Community reacts after Dfinity token ICP loses 80% of its value since May\" \/>\n<meta property=\"og:description\" content=\"Crypto enthusiasts woke to a new project on the top 10 rankings of cryptocurrencies by market cap in the form of the ICP last month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/community-reacts-after-dfinity-token-icp-loses-80-of-its-value-since-may\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-12T04:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-20T16:10:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/icp-down2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/community-reacts-after-dfinity-token-icp-loses-80-of-its-value-since-may\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/community-reacts-after-dfinity-token-icp-loses-80-of-its-value-since-may\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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