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Sunday, July 25, 2021

ICP Stages Massive Recovery After Crashing By 95%

ICP or the Internet Computer has come back into prominence after it rose by 41.69% among day-traders last Sunday. The Exchange rate for the Internet Computer and the USD at the closing of the session was $42.98, with the price correction much lower than its high of $45.01.

Incidentally, the price at which the token was operating at its quarter-to-date low was around $28.31. On Monday, the price rose to a completely new high of around $47.63. This sets its latest rebound at a sum of 68.27% in paper profits. 

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The huge price retracement of ICP also followed the steep decline of 95% since the debut of this token more than a month ago- which took place over several leading exchanges of cryptocurrency like Coinbase and Binance. This entails that the revenge rebound of this cryptocurrency in the last one day did little in trying to offset the bearish bias it had faced previously. 

What crashed ICP?

Several members of the crypto community have alleged that the Zurich-based nonprofit Dfinity- which incidentally was also sponsoring the ICP project went on to dump around $6 billion worth of tokens ever since the project became tradable.

A Redditor, who has claimed to be one of the earliest investors, has noted that the wallets which linked one to the project team continuously sent their tokens to major crypto exchanges. Since the moderators of that subreddit went ahead and removed it- there seems to be some truth to the statement. 

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The Redditor further claimed that the sponsor company had locked the ICP tokens for more than a month even after they were listed as a tradable token across crypto exchanges. At the same instant, the firm also did not look to locking any of its holdings of 111 million tokens

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