If You Bought ICP at Launch, You're Down 98.5% 📉

The Internet Computer (ICP) token, launched on May 10, 2021, made a dramatic entrance by reaching an all-time high (ATH) of ~$750 on the same day. However, its journey since then has been a sharp downward spiral, losing a staggering 98.5% of its value.

🔍 Current Status:

Despite this massive drop, ICP remains the 29th largest cryptocurrency by market cap, boasting a $5.5B fully diluted valuation (FDV).At $750 per token, its FDV was close to $400B—comparable to Ethereum’s FDV today—but with no track record or substantial delivery at the time, only promises for the future.

📊 Performance Metrics:

ICP generated $6.2M in fees last year, giving it an astronomical P/F ratio north of 30,000x.However, fees have picked up notably since September 2024, and the 30-day ratio now looks slightly more reasonable.

Key Takeaways:
1️⃣ VC Exit Liquidity: ICP’s launch was a textbook case of a VC-backed token introduced at an inflated valuation, leaving retail investors as exit liquidity.

2️⃣ Still Overvalued?: Even after nearly four years, a 98.5% price drop, and amidst a bull market, ICP’s valuation continues to raise eyebrows.

Sources: CoinMarketCap, TokenTerminal