NEW!Incredible offer for our exclusive subscribers! Read More

Dfinity's ICP Token Sees Extreme Price Volatility

2 Mins read

A bevy of exchange listings has kept the ICP token traders busy in the past 24 hours.

Dfinity Foundation’s internet computer (ICP) token that allows users to participate in and govern the blockchain network went live on the U.S.-based crypto exchange Coinbase Pro on Monday.

Since then, several major cryptocurrency exchanges including Huobi, OKEx, and Binance have added support to the coin, leading to massive price swings.

The cryptocurrency was changing hands around $400 on Coinbase at press time, having dropped from $630 to $250 on Monday, per data provided by TradingView.

Prices tanked roughly 10 minutes after the Coinbase listing on Monday, shedding 60% in value to trade in line with the $300 to $400 price range implied earlier in the day on the FTX exchange’s derivatives contract linked to the ICP token.

ICP is the utility token of the Dfinity Foundation’s platform and is used for governance, decision making and network transactions.

The platform has raised $121 million of equity funding, with investors including Andreessen Horowitz, Polychain Capital and Scalar Capital, among others.

Prices recovered some 70% from Monday’s low, with traders taking a second punt on the cryptocurrency in the run-up to its listing on Binance, the world’s largest crypto exchange by trading volumes, early today.

Binance said late Monday that the token would be available for trading around 01:00 UTC on Tuesday. The coin opened at USDT (tether) 249 and was last seen trading around USDT 420. It’s trading at similar prices on OKEx and Huobi.

The price volatility of the ICP token may settle down as days progress and the market matures. Dfinity’s long-awaited platform for smart contracts operating at internet speed went live on Friday, under the watchful gaze of the Network Nervous System.

The platform’s layer-1 protocol is attempting to flesh out a decentralized public network with an eye on becoming an “extension of the internet,” as the foundation’s founder Dominic Williams put it to CoinDesk.

Some 469,213,710 ICP tokens were created at the Genesis unlock on Monday at 9 am Pacific, which implies a fully diluted market capitalization of $182 billion at the ongoing price of $390. The fully diluted market capitalization is what market valuation would be if all coins are in circulation.

However, as per data tracking website CoinMarketCap, currently, there are 123.74 million coins in circulation. That amounts to a circulating market capitalization of $48 billion.

See also: How Dfinity Could Give Ethereum Another Layer of Censorship Resistance

Related posts
AltcoinsBTCBusinessCryptoETHMiningNewsOtherStock collaborates with to offer Crypto services for its users

1 Mins read has collaborated with to give crypto gamblers with a top-tier exchange where they can deposit, sell, and even convert Crypto…
AltcoinsBTCBusinessCryptoETHOther staking platform with the best percentages or is it a temporary phenomenon?

1 Mins read
As it became known, tradex-wallet announced the announcement of a new staking program, rewards and large payouts for staking, the platform raffles…

Cryptwex & 15 More Crypto Exchanges Face Ire of South

2 Mins read
Sixteen international crypto exchanges. Including and the Mexican heavyweight MEXC. Have landed in hot water with financial regulators. For failing to comply with local guidelines….
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *