While the ICP coin has experienced a rocky start in the crypto market, the bulls are not giving up yet. Dfinity Network, the network’s backer, has declared 2022 the “year of ICP.” This year’s ICP coin news may include the announcement of new proposals and more.
Internet Computer (ICP) aims to reinvent the way we build everything, essentially allowing developers to create anything they desire on their platform. From decentralized social media services to DeFi apps, this platform will give developers the freedom to build anything. The company was founded by Dominic Williams, who is the chief scientist and founder of Dfinity.
The project was initially announced in 2016. It has received support from Polychain Capital and Andreessen Horowitz. In 2018, the DFINITY Foundation raised over $61 million in seed funding. The DFINITY team then went on to launch the Internet Computer network in early May 2021. A month later, the Internet Computer project was listed on major exchanges including Coinbase and Binance. The price of the ICP token initially traded between $350 and $250. It has since dropped significantly.
On its day of launch, ICP hit all-time highs. It was ranked third among all cryptocurrencies in terms of market capital. After that, it dropped steadily until it reached a low of about $6.45. In May 2022, the ICP hit a low of six dollars. This was likely due to low demand for the token and the overall slumping crypto market.