According to the latest announcement, the registered users of Coinbase Pro will engage in buying, selling, converting, receiving, and storing ICP, the newly launched token by the Dfinity project. The ICP token works through its staking in at its governance system that enables the users to rake in voting rewards. These voting rewards or “converted into cycles” rewards can be employed for driving smart contract calculations. The ICP Blockchain allows developers to create enterprise IT systems, websites, hyper-scale open web services, pan-industry protocols, NFTs, and DeFi through the deployment of codes directly on the Internet.
Listing of ICP on Coinbase Pro with $700 before sinking
The grand launch of the ICP token by the Dfinity project on Coinbase Pro has instantly made the token one of the most popular cryptocurrency assets. The ICP token came live on Coinbase Pro on Monday to trade at a price of $700 right before plummeting to $342, according to the reports of CoinGecko.
Messari reports that currently, there are 4669,213,710 ICP tokens in circulation in the cryptocurrency market. At present, based on the price of the cryptocurrency, the completely diluted market cap of the token stands at $160.5 billion. It seems that only about 26% of the supply of tokens is in circulation. Therefore, the market cap should be approximately $41.7 billion, which makes ICP the richest cryptocurrency asset next, followed closely by Cardano that is at a market cap of $55 billion. The platform of Dfinity is perfect for trading and investment as it runs at ordinary internet speed and can support open web and Blockchain-based networks such as Binance Smart Chain and Ethereum.
The ICP token also can surge to new highs as OKEx, and Huobi Global Limited exchanges have declared the introduction of the token to make ICP deposits available for traders and investors across the world. Additionally, OKEx intends to invest around $10 million in the development of the ICP ecosystem through its investment department Blockdream Ventures.