Is it possible for the ICP currency to rise back to $2800 like it used to?
The answer is here:
Why did the ICP currency collapse from $2,831 to $5.37?
The ICP currency was launched in May 2021 on major platforms like Binance and Coinbase, and it surprised everyone when its price reached $2,831 on the first day. But it didn't last long; its price collapsed to around $5.
Why did this happen?
1. The initial price was unrealistic
In the first minutes of trading, liquidity was low, so the price soared abnormally. There was no real supply and demand to give it true value.
2. Token monopoly
The team behind the project (DFINITY) held most of the tokens, and only a very small percentage was issued. After the listing, early investors started selling, creating strong selling pressure.
3. Media hype
They marketed the project as a "revolution in the internet", but the practical applications and uses were not at the level they promised.
4. Loss of trust
Over time, investors felt that the project was not delivering on its promises, and community engagement was very, very weak.
