The Dfinity token has suffered the largest losses over the last week of any coin on CoinMarketCap.
Over the course of a day, the coin was able to lose almost 15% in price, reaching $56.39, and over the past 7 days, its fall was 47.26%, which became the anti-record of the week on the crypto market. This decline did not have the most positive effect on the general mood of the Dfinity community, which expected the best results from ICP, which managed to set a record maximum of $700 just a day after its launch on the exchanges.
Dfinity is almost an extremely ambitious project to create Web 3.0. However, after its launch and successfully entering the top ten on CoinMarketCap, the coin began to rapidly lose value. The matter was only aggravated by the last weeks of May, after which the entire market was again in the tenacious paws of bears.
Some community members argue that the drop in the value of ICP tokens is mainly due to fierce competition with other, more popular blockchains. Such as Ethereum and Cardano, which secured the title of an industry leader and “armed” with smart contracts. Others believe that the main problem of the project was the greed of the creators, who took 50% of the emission within the framework of tokenomics. At the same time, only 1% of tokens were given for the airdrop, and the remaining 49% were sold to venture investors, most of whom have probably already “dropped” the available coins. Against the backdrop of general pessimism, one of the users described ICP as “a centralized spy, pretending to be decentralized, which is sold to elites and their friends from the IMF and WEF.” Another, in turn, predicted a fall in the coin down to $0.005 over the next 4 years.
How exactly the fate of the token will develop is still unknown even to its creators. But they should definitely change their tactics, convincing people that they are engaged in the development of the next-generation Internet, and not another pretentious ICO, which will go to the dustbin of history a few years after the start.