A lot of memes are spreading right now laughing at how low the price of DFinity's Internet Computer Protocol (ICP) went down from USD 700 to USD 40.
Here is my opinion about it.
DFinity Foundation launched ICP at a not opportune time. It was launched at a time when there is extreme bullishness in the market which has allowed its price to exceed the expectations of many. Everything is doing well for ICP until the whole market crashed.
With new projects, the first few weeks to a month is considered as a price discovery period. To give a recall, a price discovery is described as the arrival at a price at which supply and demand balance, thus establishing a "real" price. ICP was still at its price discovery period when the whole market started to crash.
The rise and fall of Bitcoin within the range of 30K to 40K made the situation even worse for altcoins. Altcoins were extremely crashed and ICP is one of those badly hit. In my opinion, ICP at its current price is extremely undervalued. Those who are not buying ICP will be missing a lot of great opportunities when the bulls take over the market soon.
Big and amazing projects will always find ways to get back on track and even exceed expectations.
(This is not a financial or investment advice, neither this should be treated as a buy or sell signal. Kindly do your own research before you invest or seek the help of your financial or investment advisor.)
