Internet Computer Price Prediction: ICP Falls to $3.47

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The Internet Computer price has fallen to $3.34 after experiencing a 24-hour drop of 3.53%. The price chart on the CoinMarketcap shows that a further downtrend might be on the way. Does this price action mean this innovative project is just a buzz?

ICP Drops 3.53%

In the last 24 hours, ICP has painted multiple reds in the price charts, with the token registering a 3.53% loss. The decline angle is steeper than the rising angle the token experienced yesterday after it rose by 5.62%.

At press time, the token’s current value is $3.46. Accompanying this loss is a drop of 1.96% in its market capitalization. However, there has been a 79% increase in its trading activity, indicating efforts to push this token’s value up or to find stable ground.

Multiple users on CoinMarketCap support this statement, telling investors to hold tight while hoisting bullish flags.

What is ICP?

ICP, or Internet Blockchain Network, is a materialization of a decentralized World Wide Web where users assert their control over the Internet.

It aims to offer a more secure alternative to the current centralized system by incorporating open-source software into the web. Functioning exclusively based on user feedback, ICP envisions creating a network where users hold the power to enhance, modify, share the code, and even scrutinize the network.

Powering this project is the native token ICP, which has three utilities:

Offering a Source of Cycles

The tokens are burned to power the computation of the network, which also gives the token deflationary attributes.

Staking and DAO

Users can stake their ICP tokens in the permissionless Network Nervous system DAO, which generates “voting neurons” and offers voting rewards.

Storing Value

According to the official whitepaper, ICP stores value and allows users to invest in Web 3 services.

Reason For ICP Drop

ICP is likely experiencing the current decline due to the more considerable macroeconomic activity. Bitcoin has again lost its $26k support, and the 24-hour price chart shows a slight decrease of 0.30%.

Other reasons could be subpar posts on X (formerly Twitter) and their low engagement level.

Take your social media journey to the Web3 realm📱💪

Uncover evolutionary social platforms fuelled by #ICP. 🌐

Take back control of your data 👇https://t.co/DAgAVGczDI pic.twitter.com/406bSnb6eZ

— DFINITY (@dfinity) August 26, 2023

Internet Computer’s decentralized social media projects aren’t getting as much traction as they should. The response has been lukewarm, and comments to these posts don’t show people looking for a deeper insight.

Due to current market sentiments, ICP looks less like a tech marvel and more like a buzzword-filled project that is not creating much buzz.

ICP Price Analysis

While the hourly chart we showed above shows a steep decline, daily charts show a different story.

It shows a concerted effort by the community of investors to stabilize its value. Currently, the ICP price is between its psychological support and resistance levels – $3.27 and $3.69.

This activity, however, doesn’t speak for ICP price in the long term. The token’s value is down 99.77% from its all-time high. The current RSI is 35, which could fall below 30, further dropping ICP’s value. MACD is also harmful.

All technical indicators show that while short-term investors try to stabilize this token, few long-term players are showing any interest.

ICP Alternative – Sonik

While ICP faces a downtrend, a meme coin is currently in a presale, making waves across the crypto space.

Known as Sonik Coin, this crypto project that Sonic Inspires the Hedgehog has embraced the different facets of the video game character, including a color scheme to give a unique investment experience to investors.

However, remember that Sonik Coin isn’t affiliated with Sonic the Hedgehog.

Instead, it takes inspiration from it by taking similar characteristics and “meme-flying” it to add a comedic flare. For instance, the image of Sonik is not as pristine as the original character but looks more like graffiti, drawn haphazardly using paint – which adds to its charm.

Regarding speed, Sonik Coin has taken this attribute behind its goals, utilities, and tokenomics.

Its goal is to become the fastest token to reach a $100 million market capitalization. It is plausible in the current market conditions since tokens like HarryPotterObamaSonicInu and a few other media-franchise-inspired meme tokens have reached similar values after their launch.

The token’s primary utility isn’t limited to creating a community around memecoin and hyping it up. Sonik Coin implements stake-to-speed, a staking perk that allows Sonik Coin holders to earn APY after staking their SONIK tokens for seven days. The project intends to distribute the tokens locked inside the staking pool this way over four years.

Sonik Coin’s tokenomics is the third attribute that has embraced speed. Its total supply is 299,792,458,000, equivalent to the speed of light. Of this, 40% has been dedicated to the staking pools, 10% is for liquidity, and 50% is allocated to the presale.

Sonik Coin’s presale has leveraged the character’s ubiquity to climb the presale charts, raising more than $600,000 to date. The presale will end in little more than a week or when it reaches its presale target of $2.098 million, whichever comes first.

Sonik Coin’s straightforward approach to presenting a memecoin investment is the reason behind its rise, which could fuel its momentum once it lands on cryptocurrency exchanges. Visit sonikcoin.com to participate in this presale, which many say can be 10x after launch.