As a seasoned analyst with years of experience navigating the cryptocurrency market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. The recent performance of Internet Computer (ICP) has piqued my interest, as it seems to be exhibiting signs of bottoming out.
For the fourth day in a row, the price of Internet Computer experienced a decline, coinciding with an increase in network activity following the introduction of fair minting protocols within its system.
The price of Internet Computer (ICP) has fallen to a new low of $7.70, which is its first dip since September 9th, and it currently stands 16% lower than its peak this month.
As a crypto enthusiast, I’ve been keeping tabs on the latest developments with ICP, and it’s quite exciting! The recent updates include the introduction of Blockchain-on-Blockchain (BOB) and MSQ Burn, a meme coin miner that claims to be the most sophisticated on the Internet Computer’s blockchain.
On the Internet Computer Protocol (ICP) network, these procedures function in a way reminiscent to Bitcoin mining, but instead of using computer hardware, users run virtual miners. These virtual miners are fueled by the ICP token, which gets depleted during this process, and as compensation for their efforts, they receive newly minted tokens.
BOB and MSQ endeavor to tackle the issue of effortlessly creating new meme tokens, made possible by platforms such as Pump.fun and SunPump. Consequently, no single entity can monopolize the system by producing tokens at no cost.
As a researcher delving into the realm of blockchain technology, I’ve observed an intriguing surge in activity on the Internet Computer network since its recent launch. Remarkably, the number of decentralized applications (dApps) or smart contracts deployed on this network has skyrocketed, reaching over 564,495 – a stark contrast to the 381,500 count at the beginning of the year. This significant increase suggests a promising future for this innovative network.
Furthermore, there’s been a significant increase in the volume of transactions lately. On Tuesday, September 7th, queries hit 1,355 and updates surpassed 8,700.
The total count of online identities has surpassed 2.6 million, an increase from 2.5 million just three months prior.
Currently, the combined worth in its system has decreased to approximately $47.19 million, down from its year-to-date peak of over $109 million. Meanwhile, its Bitcoin (BTC) counterpart, ckBTC, has remained relatively unchanged, with a value of around $16.5 million.
ICP is showing signs of bottoming
This year, the value of ICP has dropped significantly more than 63%, surpassing the decline seen in other well-liked cryptocurrencies such as Tron (TRX) and Toncoin (TON), indicating underperformance.
In June, it developed a “death cross,” and over the last few months, its future contracts’ open interest has significantly decreased. At this point, ICP is sitting below both its 50-day and 200-day Exponential Moving Averages.
On a hopeful note, it appears that ICP might be hitting its lowest point, indicated by the formation of a sloping triple-bottom structure with a neckline at $10.94, which was its peak on July 22.
Therefore, ICP may stage a strong comeback if bulls hold it above the slanted triple-bottom level.
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2024-09-18 15:52