Internet Computer Protocol (ICP), a crypto that is speculated to have the “worst tokenomics” has declined by over 85 percent from its highs in 20 days. The cryptocurrency that hung around $629 earlier in May has plunged to less than $70 today.
The market capitulation that struck in May dragged down a good number of digital assets including BTC and ETH. However, while other cryptocurrencies have shown signs of recovery and increased adoption, ICP remains in the mud. The crash trend of the asset always came roughly which is seen after it crashed down 60 percent in one day, May 11.
ICP’s historical distribution upon its launch wasn’t entirely remarkable. One percent of its total supply was airdropped, 50 percent was accorded to its backend team, and the remainder was sold to Venture Capitalists who were reported to be at liberty to dump the coin. A fresh supply is released every month which adds to the selling pressure.
Reddit Community Reacts to ICP’s Violent Volatility
The massive plummeting of ICP in a short time after hitting the top 10 list of cryptocurrencies doesn’t sit well with investors. Reddit members have registered their grievances against the cryptocurrency that is perceived to have been ruined by greed.
A user with the username Sweetpie 123 says the coin might continue with the crash. “The coin itself doesn’t even sound that bad judging from reading about their tech, it’s just the distribution that’s disgusting”, the user noted.
In response, other users decried the crash of the crypto asset, attributing the coin to be a “centralized shitcoin”. Another user SamZFury said, “This coin is literally a SCAM. How can anyone not see it ? it’s everything against crypto. VC’s, Unfair distribution, fake made up stories and team members. This kind of shit needs to go to Zero to make an example.”
Other users said that the name given to the crypto was an instant turnoff for them, making them resist buying it. ICP developers are reportedly working on owning 125 data centers that can support 4000 nodes. The development would likely see the digging of 1000 blocks in a second instead of 2.5 seconds.