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Dfinity’s ICP Token Climbs to $700 After Coinbase Pro Listing, Currently Trading at $400

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by Ibukun Ogundare · 3 min read
Dfinity’s ICP Token Climbs to $700 After Coinbase Pro Listing, Currently Trading at $400
Photo: Depositphotos

Speaking ahead of the official launch of the ICP token on Coinbase Pro, Coinbase advised customers to transfer their ICP token into their accounts. 

The price of Dfinity project’s Internet Computer (ICP) token advanced as high as $700 after listing on crypto exchange Coinbase Pro. According to CoinGecko, the ICP token corrected to around $342 after trading at $700. At press time, ICP is at $409 on CoinMarketCap.

The jump in price allowed ICP to take the 5th position on the list of major cryptocurrencies. However, by the time of writing, it has fallen down to the 7th spot.

Coinbase Pro Support for ICP

Coinbase had revealed its plans to list the ICP token on its platform in a blog post published on the 4th of May. In the announcement, Coinbase said that it would allow ICP in all countries where the platform is supported except New York State. According to the crypto company, its customers frequently demand more assets on the trading platform.

Speaking ahead of the official launch of the ICP token on Coinbase Pro, Coinbase advised customers to transfer their ICP token into their accounts.

Furthermore, crypto exchanges Huobi Global Ltd and OKEx have also launched the internet computer token.

Huobi announced the ICP token launch on the 9th of May. In a tweet, the exchange said:

“Huobi x ICP- The InternetComputer is finally here! Huobi announces the launch of ICP Dfinity. The world’s first blockchain computer – marking the 3rd major innovation in crypto following Bitcoin and Ethereum. Transfer ICP to your Huobi account pre-trading.”

Apart from declaring its support for ICP, OKEx also said that Blockdream ventures – its new investment business- partnered with the Internet Computer ecosystem. With the partnership, OKEx will offer dedicated funds worth about $10 million. The investment will go into supporting projects in the Internet Computer ecosystem.

Binance Plans to List ICP Token

In addition, crypto exchange Binance has also announced that it will be listing ICP. The exchange added that it would consequently open trading pairs after the liquidity conditions are met. They include ICP/BTC, ICP/BNB, AND ICP/USDT.

Also, information provided by Messari revealed that 469,213,710 of the ICP token had been created. With the current trading price of $224, the fully diluted market cap stands at over $105 billion. Messari revealed that only 26% of the token supply is actually in circulation.

Developed by the DFINITY Foundation, ICP has its own utility tokens. The ICP developer is based in Zurich, Switzerland, and primarily aims to build, promote, and maintain the Internet Computer. The company boasts of skilled professionals, including the world’s top cryptographers and experts in distributed systems and programming language.

According to the founder and chief scientist at DFINITY Foundation, Dominic Williams, the Internet Computer is the third major innovation after Bitcoin and Ethereum. Williams said the DFINITY Foundation is “to relentlessly expand the capabilities of a public blockchain and its decentralized ecosystem using advanced computer science and cryptography, and make blockchain the platform of choice upon which we can reimagine all our systems and services.”

Cryptocurrency news, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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