Ramses-ICP

GM Square Fam!
Welcome to the 87th edition of #ICP Pulse [Season 3], your daily dose of all things ICP.
Today, we will deep dive into all things on-chain in the Internet Computer.
Now, grab a coffee☕
Let's go🫡

1/ $ICP Price Action

Well, at least we are seeing a strong consolidation in this range, which is very good.
Still, the numbers remain the same.
Support: 7.1 - 7.6 USD
Resistance: 8.2 - 8.9 USD
Other conditions: To continue the upside, possibly a huge green candle with a higher volume within the support range is required.
RSI is still sitting at 31.2, so historically, it seems better to wait at least until we reach 37ish.
Do note that it's still a lagging indicator.

Now, we wait🫡
As always remember to do proper research before aping in AS THIS IS NFA🙏

2/ Onchain Stats
Sources: ICP Dashboard and ICTerminal

🟪Internet Identity Count

Within the last 24 hours, we saw 664+ entities onboarding the Internet Computer.
Very Nice.

🟪Burned ICP Stats

As of press time, we saw an impressive 10K ICP, worth approximately 70K USD, vanishing from the circulation supply at a speed of 3060 Tcycles per hour, which accounts for 566.84 ICP burning per hour at this pace.
🟪Neurons Stats

Well, as of the last 24 hours, we saw 291 new neurons being spawned to help secure the consensus algorithm of the Internet Computer.
Very nice👏

🟪Active Addresses within the last 24 hours | icterminal

Well, seems like the cooling off is being settled now, resulting of 9.6K active addresses roaming across the Internet Computer Mainnet.

3/ NFT Stats
Sources: toniqMarket, bioniqMarket and yukuapp
1️⃣Motoko Ghosts --> 26 ICP
2️⃣BTC Flower --> 28 ICP
3️⃣ETH Flower --> 5.9 ICP
4️⃣icbucks by EgidoVal--> 0.99 ICP
5️⃣Poked Bots Mutant Army by pokedstudiouk --> 38.5 ICP
6️⃣Goated Gamer by The_Swop --> 2K sats ckBTC
7️⃣Motoko Sentinels--> 0.00055 ckBTC
8️⃣Cubetopia Islands --> 7.99 ICP
9️⃣Distrikt PODs --> 2.79 ICP
🔟ICP flower --> 7.5 ICP
4/ Gainers and Losers
Sources: ICPcoins and ICPTokens
🟣Gainers
➡️Elna --> 0.0176 USD @ 4.4M USD Marketcap (🔺27.6%)
➡️Alice --> 0.111 USD @ 4.6M USD Marketcap (🔺13.4%)
➡️Querio --> 0.0445 USD @ 145K USD Marketcap (🔺1.66%)
🟣Losers
➡️Taggr --> 0.747 USD @ 235K USD Marketcap (🔻20.4%)
➡️Windoge98 --> 0.138 USD @ 1.3M USD Marketcap (🔻3.8%)
➡️Motoko --> 0.0206 USD @ 1.1M USD Marketcap (🔻3.1%)

5/ Inside the ICVerse🧑‍🚀
🟪4 Voting Proposals in the NNS.
🟪2 Voting Proposals in the ICPCC SNS.

🟪TVL on NNS: 1.660 Billion USD [🔻0.41%]
🟪TVL on ICP DeFi By DefiLlama: 35.82M USD [🔻0.36%]

🟪NFID SNS Swap is live [Ends in 3 days, 7 hours]
NFID aims to be the go-to Web3 Wallet infrastructure.
➡️Minimum commitment: 10 ICP
➡️Maximum commitment: 100K ICP
➡️Overall commitment [including Neurons Fund]: 112.7K ICP
➡️Minimum direct commitment to complete the swap: 100K ICP
➡️Total supply: 2.13B NFIDW
➡️Supply allocated to the Swap: 434M NFIDW

🟣Participants of the swap will receive 6 equal value neurons, each with a dissolve delay of 0,2,4,6,8 and 10 months respectively
🟪FuelEV SNS Swap is live [Ends in 7 days, 10 hours]
FuelEV is on a mission to allow the tokenization of EVs.
➡️Minimum commitment: 1 ICP
➡️Maximum commitment: 100K ICP
➡️Overall commitment [including Neurons Fund]: 138.9K ICP
➡️Minimum direct commitment to complete the swap: 40K ICP
➡️Total supply: 1B FUEL
➡️Supply allocated to the Swap: 250M FUEL

🟣Participants of the swap will receive 5 equal value neurons, each with a dissolve delay of 0,6,12,18 and 24 months respectively
Updates from the DFINITY Foundation🔮
➡️ICP becomes the 6th highest revenue-generating L1 according to TokenTerminal
➡️The foundation is evaluating privacy-focused analytics solutions for Internet Identity and the NNS dApp and is seeking community feedback in the forum.
➡️An infographic explaining the differences between a query call, an update call, and a composite query is now live.
➡️Oisy ships v0.23 with Improved Solana support.
➡️Dr. Jan Camenisch will be live at Stanford on the 12 of February for a workshop.

6/ Updates from the ICP ecosystem
➡️OmnityNetwork publishes an explanation of how PSBT works.
➡️PlugWallet completes integration of WaterNeuron.
➡️Windoge98 ships 2025 updates.
➡️ICPCC ships an important proposal on its entity status.
➡️ICPTokens adds Odin
➡️The Swop ships highlights from blockchain sessions with CB's KaraCalvert and RepBryanStell
➡️icphub_ID is all set to go live with CryptoEights to discuss all things ICP eco.
And finally, before you go...
I've put a lot of effort and time into this series, so if you don't mind, please consider smashing that subscribe button.
This will help me provide you with more quality information, thank you🫶
So, Here I wrap up for the day😇
Hats off for staying this far🫡
Now, before we wind up, feel free to share this with everyone who might lack some ICP Alpha, especially to our #BERAAirdropAlert fam.

I'll see ya tomorrow with your weekly recap on ICP🫡
Until then, Take care👋

The Internet Computer Protocol (ICP) token, developed by the DFINITY Foundation, experienced a dramatic price decline from its all-time high of around $2,000 in May 2021 to approximately $8 by late 2022 and early 2023. This steep drop has been a topic of significant discussion and analysis within the cryptocurrency community. Here are some key factors that contributed to this decline:

### 1. **Initial Hype and Overvaluation**
- When $ICP launched in May 2021, it was one of the most anticipated projects in the crypto space. The Internet Computer Protocol aimed to revolutionize the internet by creating a decentralized cloud computing platform, which generated immense hype.
- The token's initial price surge to $2,000 was driven by speculative trading and high expectations. However, this valuation was not sustainable, as the project was still in its early stages and had yet to demonstrate widespread adoption or utility.

### 2. **Market-Wide Crypto Crash**
- The broader cryptocurrency market experienced a significant downturn in 2022, with major assets like Bitcoin and Ethereum losing substantial value. This bear market was driven by macroeconomic factors such as rising interest rates, inflation, and regulatory concerns.
- $ICP

, like many other altcoins, was not immune to this market-wide correction. The overall decline in investor sentiment and risk appetite contributed to its price drop.

### 3. **Tokenomics and Supply Concerns**
- ICP's tokenomics came under scrutiny, particularly regarding its high initial circulating supply and the rate at which new tokens were entering the market. The large supply created selling pressure, as early investors and team members began to liquidate their holdings.
- Additionally, concerns about the distribution of tokens and the potential for centralization in the hands of a few large holders further eroded confidence in the project.

### 4. **Competition and Adoption Challenges**
- The blockchain space is highly competitive, with numerous projects vying for dominance in decentralized computing and storage. ICP faced stiff competition from established platforms like Ethereum, Solana, and newer entrants.
- Despite its ambitious goals, ICP struggled to achieve significant adoption and real-world use cases in its early stages. This lack of tangible progress likely contributed to the decline in investor confidence.

### 5. **Regulatory and Security Concerns**
- The cryptocurrency industry has faced increasing regulatory scrutiny, which has impacted investor sentiment. Projects like ICP, which aim to disrupt traditional internet infrastructure, may face additional regulatory hurdles.
- Additionally, concerns about the security and scalability of the Internet Computer Protocol may have deterred potential users and investors.

### 6. **Community and Developer Sentiment**
- The success of any blockchain project heavily depends on its community and developer ecosystem. While ICP initially attracted significant interest, maintaining momentum and fostering a vibrant community proved challenging.
- Negative sentiment and criticism from influential figures in the crypto space may have further exacerbated the price decline.

### Conclusion
The decline of ICP from $2,000 to $8 reflects a combination of factors, including market dynamics, tokenomics, competition, and adoption challenges. While the project still holds potential, its ability to recover and achieve long-term success will depend on its ability to address these issues, demonstrate real-world utility, and build a strong, engaged community. As with any cryptocurrency, investors should conduct thorough research and consider the risks before investing.