Dfinity’s Governance Token ICP Debuts on Coinbase, Makes it to top-10 crypto with $45B Market Cap
Internet Computer Token (ICP), the governance token for the Dfinity foundation was listed on Coinbase Pro yesterday with a market cap of $45 billion, making it the 8th largest cryptocurrency by market cap on debut. The price of the token has registered wild price volatility ever since listing as it registered a new ATH of $737 before settling around the $350 mark. ICP token is currently trading at $334 with a market cap of $42 billion.
Our ICP-USD, ICP-BTC & ICP-USDT order books are now in full-trading mode. Limit, market and stop orders are all now available. https://t.co/J7BOXbmFC7. Read more about ICP here: https://t.co/pCJb7jejbM
— Coinbase Pro (@CoinbasePro) May 10, 2021
ICP token is a smart contract-based decentralized alternative for some of the most popular social media platforms such as Whatsapp and Tiktok. The founders of the project aim to make it the top internet software solution ecosystem. The aim is to create an Ethereum platform for developers on the internet with high scalability and a formidable smart contract ecosystem.
The reason for such price fluctuation is being attributed to the low liquid coins out of the already small market supply making the demand quite high yet fluctuating. According to Meesari’s analysis total value of ICP tokens currently in circulation is only about 26% of the total supply with no definitive schedule for supply.
ICP Token Highlights Shortcomings of Ranking by Market Cap
The controversy around ranking cryptocurrencies by market cap has been quite long, many analysts have pointed out the flaws in the metrics since it does not offer a level playing ground as not every crypto asset has the definitive market supply or same market cap. The same is true in the case of ICP whose liquidity is a mere one-fourth of the total market supply.
Another example is the rise of popular meme currency Dogecoin to become the fourth largest crypto asset. Comparing a digital asset (meme currency) with an infinite supply against the likes of finite supply tokens makes the rankings redundant.
- Fed’s Anna Paulson Backs Rate Cuts, Downplays Trump Tariff Impact
- Is Another BTC Price Crash Ahead As ‘Trump Insider Whale’ Increases Bitcoin Short to $340M
- Bitget Reveals Rising Crypto Adoption as Nigeria, China, and India Lead Growth
- Breaking: Michael Saylor’s Strategy Adds 220 Bitcoin Amid Crypto Market Dip
- Breaking: China Renaissance Bank Eyes $600M Raise for BNB-Focused Fund with YZI Labs
- Trader Sees a Dogecoin Price Surge as House of Doge Sets for a NASDAQ Listing
- Will Shiba Inu Price Recover After the Crypto Crash As Burn Rate Soars 8,194%?
- Bitcoin Price Mirrors March 2020 Crash as US–China Trade Easing Fuels Recovery
- PEPE Coin Price Reenters Historical Demand Zone as Whales Accumulate $5M— Can It Repeat Its 123% Rally?
- Bitcoin Price Prediction as Trump’s Tariff Shock Triggers $19B Liquidation
- Can $TAPZI Reach $1 In Q1 2026?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
