$ICP is sitting around a $1.4B market cap right now, which feels almost strange when you remember this was once one of the biggest narratives in crypto.
ICP traded above $700 at its peak. Today it’s around the $2–3 range, down over 99% from ATH.
But despite the brutal chart, the project itself never really stopped building.
While everyone else was optimizing for faster ways to move money, ICP spent years trying to rebuild how applications exist on the web. The objective wasn’t to be a faster ledger; it was to build a decentralized cloud capable of running full-stack websites, services, and AI without relying on centralized tech giants for hosting.
Basically, not just hosting tokens on-chain but hosting entire applications directly on-chain.
That’s still one of the most ambitious ideas in crypto.
Supply-wise, around 553M ICP is currently circulating, with no fixed max supply since the token model includes both inflation and burn mechanics.
Market cap and FDV are basically the same right now, meaning there isn’t some giant hidden unlock schedule hanging over the market the way many newer tokens have.
Volume is still active, too, pulling roughly $60M+ daily despite the market cooling off around older Layer 1s.
And unlike many chains that rely heavily on VC narratives, ICP has continued leaning into actual infrastructure: on-chain compute, decentralized hosting, AI integrations, cross-chain functionality, and “canisters” that act more like decentralized software containers than standard smart contracts.
That’s probably the most underrated part of ICP.
Most crypto projects optimize for finance. ICP has always optimized for internet infrastructure itself.
Whether the market rewards that vision long-term is another conversation, but technically, it remains one of the most ambitious architectures in the space.
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