Kraken Will List ICP Despite The 98% Crash From Its ATH: Analysis

Kraken will list ICP despite the 98% crash from its all-time high with investors remaining spooked following the crash as we are reading more in today’s latest altcoin news.

San Francisco-based Kraken will list ICP-Internet Computer on the Kraken Pro and Kraken paltform this Friday. On its debut in 2021, the Internet COmputer stormed the market cap rankings and peaked a high on fourth place. It is rare for the newcomers to have an impact from the off which triggered a huge interest across the board. The game plan can be summarized as building a free and open internet controlled by the users but not big tech and had mass appeal and still doesn’t today.

The huge drawdowns happened and within a month of launching, the token was down 88% from its $885 High and now it is 98% down from its ATH with February 24 marking a low of $14.88. Based on the performance, the project became an example of not FOMOing but that hasn’t deterred the exchange from listing the proejct. Internet Computer is aiming to create ad decentralized and scalable cloud solution to store data and enable community governance which will work as a blockchain internet:

“We aim to create a “blockchain singularity” in which every system and service is rebuilt and reimagined using smart contracts and runs entirely from the infinite public blockchain without the need for traditional IT.”

It will achieve this by developing the open algorithmic governance system dubbed the Network Nervous System and managing the systems are the ICP nodes that manage subnets that executive the unique type of smart contract dubbed canisters. Through the system, the software or apps have no fixed physical addresses and they move between servers hosted by the data centers so the software can exist without any entity owning or controlling it.

According to Rohas Nagpal, blockchain architect, the reason for Internet Computer’s price drop had nothing to do with the inherent flaws of the project but the price crash came about through poor token distribution. He claims that the whale activity triggered panic and led to selling pressure which dropped the price:

“Project insiders transferred $2 billion worth of ICP to crypto exchanges. This spooked the markets. Investors felt that the insiders were planning to dump their holdings, and this triggered a massive price drop.”

The explanation doesn’t account for the continued price drop in the next ten months. Kraken said the listings are not recommendations to buy, sell or take part in the associated network but still remains the case that exchanges list tokens based on their projected volume.