Yesterday, the Dfinity token (DFT) more than halved in value and is now trading at $0.0006, down from the $0.03 per token valuation it held in May. In the shock, Dfinity was trading at just $0.00045 in June, and in May had lost over 80% of its value.
The ICP token, designed for the Dfinity project, has lost more than 80% of its value since May. The reason: Dfinity’s ICO was an abysmal failure, raising about $11 million (in ETH), and the loss of investor trust has only compounded the problem.
Things started looking up for Dfinity since the beginning of May, when its price hit $0.25. However, as of today, the token is trading at under $0.03, with the ICP Index showing a loss of 80% since May. Traders speculate it’s because Dfinity’s potential is being downplayed by the EOS community, in a bid to avoid competition. In his latest blog post, Dfinity’s head of community replied to the community, explaining why he thinks Dfinity can compete with EOS. He also says that Dfinity will eventually get the messaging app that EOS developers have been dreaming of.. Read more about ethereum tokens list and let us know what you think.Just over a month ago, cryptocurrency enthusiasts woke up to a new project in the top 10 cryptocurrencies by market capitalization in the form of Internet Computer Protocol (ICP). The project, managed by the Dfinity fund, traded at over $580 with a trading volume of $500 million. This suggests that the token is experiencing a bull market amidst a bearish crypto-currency market in general. Proponents of the ICP described their project as a means of recovering energy from large technologies. Simply put, they focused on creating a more decentralized network. Recently, however, the value of the project has fallen sharply. From its peak in May, it has lost more than 80% of its value and at the time of publication is trading at $66. ICP also dropped out of the top 10 crypto assets and is now in 17th place with a market cap of $8 billion. Image: ICP/USD via TradingView.
Public reaction to the fall in the CPI
Cryptocurrency enthusiasts have already begun to voice their opinions on why the value of the project has fallen. Users on the social forum Reddit say that while the idea and technology behind the project are good, the demise of the project could be due to greed and poor distribution. The play itself doesn’t seem that bad from what we’ve read about the technology, it’s just that the cast is disgusting, wrote SweetPie123, the creator of the post. They added that it is sad to see a worthwhile project being ruined by greed. The same user noted: Early investors bought from 3 cents to $5 each…… New offerings come out every month, which increases selling pressure. He also noted that the tokenomics of the assets show that 1% went airborne, 50% went to the team, and the rest was sold to venture capitalists who may have recently dropped their tokens. Another user, Set1less, said PKI is a centralized shitcoin sold as decentralized to the elites and their IMF and WEF buddies, and another user said the asset price could drop to $0.005 by 2025. Some users have even said that they don’t think it’s good that the protocol is decentralized because they control the DNS.
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