{"id":285800,"date":"2021-06-28T19:30:13","date_gmt":"2021-06-28T16:30:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/internet-computer-icp-logs-revenge-recovery-after-crashing-95-since-launch\/"},"modified":"2021-06-28T19:30:13","modified_gmt":"2021-06-28T16:30:13","slug":"internet-computer-icp-logs-revenge-recovery-after-crashing-95-since-launch","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/internet-computer-icp-logs-revenge-recovery-after-crashing-95-since-launch\/","title":{"rendered":"# Internet Computer (ICP) logs revenge recovery after crashing 95% since launch"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26ea8e8005c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26ea8e8005c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/internet-computer-icp-logs-revenge-recovery-after-crashing-95-since-launch\/#What_crashed_ICP\" >What crashed ICP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/internet-computer-icp-logs-revenge-recovery-after-crashing-95-since-launch\/#Whats_now_for_ICP\" >What&#8217;s now for ICP?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Internet Computer (ICP) logs revenge recovery after crashing 95% since launch <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Internet Computer (ICP) rose to spotlight among day-traders after rising 41.69% on Sunday.<\/p>\n<p>The ICP\/USD exchange rate closed the session at $42.98 after correcting lower from its intraday high of $45.01. At its quarter-to-date low, the pair was trading at $28.31. Meanwhile, on Monday, it surged to a new intraday high of $47.63. Therefore, its latest rebound returned as much as 68.27% in paper profits.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/d5e6de11-b6fd-4d0d-97ca-31f9e5b4abff.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Internet Computer&#8217;s ICP logged its best one-day performance on Sunday. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The major price retracement in the Internet Computer market also followed a steeper 95% decline since ICP&#8217;s debut more than a month ago across leading cryptocurrency exchanges, including Binance and Coinbase. Therefore, the cryptocurrency&#8217;s revenge rebound in the previous 24 hours did little in offsetting its prevailing bearish bias.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_crashed_ICP\"><\/span>What crashed ICP?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some community members alleged that Dfinity, the Zurich-based nonprofit backing the Internet Computer project, has dumped almost $6bn worth of ICP since the token became tradable. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a>or @trapsandwich, who claims to be an early investor, wrote a detailed analysis more than a month ago on r\/Dfinity, noting that wallets linked to the Internet Computer team continuously sent their tokens to exchanges<\/p>\n<p>Dfinity moderators on Reddit <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/dfinity\/comments\/nmyd3q\/the_dfinity_foundations_100mil_icp_tokens_are_not\/\">removed the post<\/a>.<\/p>\n<p>@trapsandwich also claimed in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/dfinity\/comments\/nv9ana\/why_did_the_private_presale_round_roughly_5_of\/\">another Reddit post<\/a> that Dfinity locked the ICP tokens \u2014 that their early investors had held \u2014 for an extra month after they listed the token across crypto exchanges. But at the same time, the firm did not lock any of its own 111 million ICP holdings.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/f0babc5e-8ec3-4c04-9196-28b4bda64d14.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Redditor @trapsandwich accuses the Internet Computer team of dumping $20mm worth of ICP tokens. Source: Reddit<\/em><\/figcaption><\/figure>\n<p>Another Redditor @Beneficial-Source147 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/dfinity\/comments\/o5f534\/dfinity_team_sold_90_million_tokens_since_genesis\/\">claimed<\/a> that the amount of ICP tokens Dfinity dumped since genesis was as high as 90 million. However, other Redditors jumped in defense, stating that most ICP transfers were grants dedicated to developers, not sales.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/f1892705-cd27-4996-8b5b-06aa68472a3d.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>\u00a0A snapshot from IC.ROCCKS showing Dfinity&#8217;s Internet Computer transferring 90mm ICP tokens across multiple wallets.<\/em><\/figcaption><\/figure>\n<p>Overall, the accusations hinted that Internet Computer purposefully blocked its investors from accessing ICP markets. Meanwhile, the token continued its way downward also amid an overall cryptocurrency market correction.<\/p>\n<p>But the Internet Computer&#8217;s turned out to be more drastic than its top blockchain rivals, including Ether (ETH), Cardano. So it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears, overvaluation risks were at play.<\/p>\n<p>In detail, traders priced ICP differently across multiple cryptocurrency exchanges atop its debut. For instance, the ICP\/USD exchange rate was as high as $3,161 on Binance on the first day. Meanwhile, on Coinbase, the pair&#8217;s intraday high was as much as $630.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/858ae548-dde1-43b8-97ab-1a4fdf8d3a8f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Internet Computer price differences on its opening day. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The ICP&#8217;s circulating supply on May 11 was approximately\u00a0134.8 million against the total cap of\u00a0469.2 million. Therefore, on Binance, the Internet Computer&#8217;s market cap was worth more than $426 billion. At that time, it would have made the Dfinity blockchain project the third most valuable after Bitcoin and Ethereum. Ethereum&#8217;s market cap topped at $482.881 billion on May 11.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whats_now_for_ICP\"><\/span>What&#8217;s now for ICP?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As a project, Internet Computer is another contender trying his luck in the ongoing blockchain scalability war. But instead of relying on miners and small-scale validators to operate a public ledger, Dfinity&#8217;s undertaking proposes to build\u00a0large data centers and high-end node machines that could provide more bandwidth to its project.\u00a0<\/p>\n<p>\u201cIf the IC succeeds at replacing legacy IT, there would be no need for centralized DNS services, anti-virus, firewalls, database systems, cloud services, and VPNs either,\u201d also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/messari.io\/article\/an-introduction-to-dfinity-and-the-internet-computer\">noted<\/a> Mira Christanto, a researcher at crypto analytics platform Messari.<\/p>\n<p>ICP had a remarkable debut following its high-profile listings across major cryptocurrency exchanges. The token also boasted support from a flurry of renowned investors, including\u00a0Andreessen Horowitz&#8217;s venture fund\u00a0a16z crypto\u00a0and Polychain Capital, a crypto-focused hedge fund in New York helmed by Olaf Carlson-Wee, who earlier served as the head of Risk at Coinbase.<\/p>\n<p>Unrealistic valuations and excessive liquidity right atop its launch may have hurt ICP. Nevertheless, the token remains oversold since its launch, according to its relative strength index&#8217;s readings, which may serve as a buy signal to some traders.<\/p>\n<p><em>The author has reached Internet Computer for additional comments.<\/em><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/internet-computer-icp-logs-revenge-recovery-after-crashing-95-since-launch\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Internet Computer (ICP) logs revenge recovery after crashing 95% since launch &#8221; Internet Computer (ICP) rose to spotlight among day-traders after rising 41.69% on Sunday. The ICP\/USD exchange rate closed the session at $42.98 after correcting lower from its intraday high of $45.01. At its quarter-to-date low, the pair was trading at $28.31. Meanwhile,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":285801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvZmE1ZGIxMDgtYjVmYy00Y2MxLWFkYzUtNzAxY2JjMTg1ZTQ2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75302,74937,74982,82962,81262,74939,75150,91283,73785],"class_list":["post-285800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-altcoins","tag-bitcoin-price","tag-btc-markets","tag-coinmarketcap","tag-cryptomarket","tag-market-analysis","tag-market-update","tag-pump-and-dump","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/285800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=285800"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/285800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/285801"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=285800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=285800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=285800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}