ICP (Internet Computer) is a blockchain-based computing platform that is reimagining the way you build and consume everything. The platform lets developers create anything, from DeFi apps to tokenised social media services. Founded by Dominic Williams, the chief scientist of Dfinity, the project is a promising new way to build the future of blockchain and digital currency.
Despite the high expectations, however, the ICP token has had a difficult time maintaining a strong price since its launching in May. After rocketing up to a high of $2,831 for a moment, the price crashed by 99% and is now trading around $7.10. This has disappointed many ICP holders, who have dubbed the project’s team a ‘rug pull’. This sentiment has also been echoed by many fundamental analysts.
Despite its rocky start, ICP is set to launch in May 2021. Its goal is to build a decentralized internet that is accessible to anyone anywhere in the world. The internet currently consists of large data centres which send information to devices. A person reading this article has to first store the article in the data centre before it reaches his or her device. This decentralized approach will make it possible for individual computers to store data instead of large central data centers.
Longforecast’s ICP coin forecast predicts that ICP will go through a bearish run in 2022 and 2023. In 2023, the coin will hit a low of $1.79 and then regain its value by November 2024. The highest predicted price is $2.29 and $2.92, respectively. Moon333, a crypto analyst, suggests that investors should purchase ICP tokens during the $2.02 to $6.45 price range.