ICP Coin Crashes 95% Amid Claims the Development Team Have Dumped Their Coins

By Ibiam Wayas June 29, 2021 In Crypto News, Tokens

The price of ICP coin, the native cryptocurrency of the Internet Computer blockchain, has been nosediving since reaching an all-time high of over US$700 in the past month. 

Some ICP holders still believe in the tech, and they are ready to HODL regardless of claims that the development team might have caused it to drop over 95 percent from ATH by dumping a huge amount of the coin.  

ICP Coin Hits All-Time Low of US$20.08

A day after the ICP coin launched in May, it spiked to as high as US$737, according to CoinMarketCap. This momentum couldn’t last as ICP began declining soon after the ATH price, reaching an all-time low of US$20.08 per coin. 

The Internet Computer was designed by the Dfinity Foundation to serve as a decentralised layer of web infrastructure. The downtrend of ICP coins was quite disappointing, given that the network had an intriguing tech proposition and it attracted major VC companies.

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Is Dfinity Behind ICP Coin Crash?

Many people have relayed several claims concerning the declining value of ICP coins. For the most part, the development team was blamed for reportedly dumping as much as 90 million ICP coins since its inception – nearly two months ago. 

Meanwhile, some prefer not to sell their holdings but accumulate more via dollar-cost averaging. This is mostly to do with the proposed tech of the Internet Computer. 

The head of research at Synergia Capital, Denis Vinokourov, thinks the Internet Computer still has a long way to go in proving its tech.  

As great as the tech is on paper, it is, to a large extent, unproven. Also, there is little evidence of teams actively building on the Internet Computer. 

Denis Vinokourov, Synergia Capital

At the time of writing, the ICP coin was trading at $43.73.

Ibiam Wayas
Author

Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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