Internet Computer (ICP), the crypto token of Zurich-based non-profit research firm DFINITY Foundation, debuted on trading platforms on May 10, 2021. Its price soared to a record high of US$ 737 apiece within a week of its debut. The high spirits, however, did not last long as the token witnessed a massive slump amid the crypto market crash later in May, falling by 85 per cent to US$ 107 per token.
In the wake of the token’s abrupt rise and fall, crypto experts and traders raised concern about insider trading and uncapped token supply, although DFINITY Foundation went on to deny all allegations.
ICP token is making a buzz once again among traders as the overall crypto market delves into recovery mode.
At present, ICP token’s fully diluted market cap stands at around US$ 20 billion, and it ranks among the top 20 tokens on the CoinMarketCap website.
Let us look at ICP token’s current price movement and predictions.
Internet Computer (ICP) coin price prediction
The Swiss scientific research foundation claims to have world-class blockchain developers and cryptography experts. After making an initial buzz in the crypto market, its token plunged over 94 per cent in value against its record high.
On Monday, June 28, however, the token posted a 24-hour jump of over 12 per cent to US$ 42.23 apiece. Its one-day volume has fluctuated over 151 per cent to US$ 655 million.
While some experts believe that this token comes with risks and uncertainties because of the crash following its debut, its backers appear to be still counting big on it. Some note that ICP’s current price is a consolidated one, which comes after a hyped rally.
From that view, ICP coin could witness a moderate recovery in 2021. As for price predictions, it may surge to US$ 100 apiece this year to re-enter tier-1 tokens.
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For long-term growth catalyst, Internet Computer is said to be the first of its kind to work at unbounded web speed. The ICP developers claim to scale their blockchain operations in line with Bitcoin and Ether.
The non-profit scientific research organization raised funds worth U$ 121 million from investors like Andreessen Horowitz, Polychain Capital, Multicoin Capital, Aspect Ventures, and a few Ethereum backers.
Investors can buy and sell ICP tokens through crypto exchanges, including Binance, AOFEX, OKEx, and Huobi Global.
Please note: The above constitutes a preliminary view and any interest in stocks and cryptocurrencies should be evaluated further from an investment point of view.