The price of Internet Computer (ICP) continues to decline despite increased network activity following the launch of new fair mining protocols.
ICP Price Decline
ICP dropped to $7.70, its lowest level since Sept. 9, and 16% below its highest point this month.
Launch of New Protocols
Recent news about ICP includes the launch of Blockchain-on-Blockchain (BOB) and MSQ Burn, the latter describing itself as the most advanced meme coin miner on Internet Computer’s blockchain. These protocols operate similarly to Bitcoin mining but on the ICP network. Users spin virtual miners, fuel them with the ICP token – which burns the tokens in the process – and, in return, they mine new tokens. BOB and MSQ aim to address the challenge of minting new meme coins, which has become easy due to popular networks like Pump.fun and SunPump.
Network Activity and Key Metrics
According to data from Internet Computer’s website, network activity has jumped in the past few days after the launch of new protocols. The number of dApps or smart contracts on the network has increased to over 564,495, much higher than the 381,500 at the beginning of the year. Additionally, the number of transactions in recent days has soared. Queries on Tuesday, Sept. 7, reached 1,355, while updates rose to over 8,700. The number of internet identities on the network has climbed to over 2.6 million, up from 2.5 million three months ago. Meanwhile, the total value locked in its ecosystem has dropped to $47.19 million from the year-to-date high of over $109 million. ckBTC, its Bitcoin digital twin, has stagnated with its assets sitting at $16.5 million.
Despite the significant increase in network activity and the launch of new protocols, ICP's price continues to fall. Throughout the year, it has decreased by 63%, significantly underperforming compared to other popular coins such as TRX and TON.
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