Dfinity’s ICP Token Sees Extreme Price Volatility – CoinDesk – CoinDesk

Dfinity’s ICP Token Sees Extreme Price Volatility – CoinDesk – CoinDesk

A bevy of exchange listings has kept the ICP token traders busy in the past 24 hours.

Dfinity Foundation’s internet computer (ICP) token, which allows users to participate in and govern the blockchain network, went live on the U.S.-based crypto exchange Coinbase Pro on Monday.

Since then, several major cryptocurrency exchanges including Huobi, OKEx, and Binance have added support to the coin, leading to massive price swings.

The cryptocurrency was changing hands around $400 on Coinbase at press time, having dropped from $630 to $250 on Monday, per data provided by TradingView.

Prices tanked roughly 10 minutes after the Coinbase listing on Monday, shedding 60% in value to trade in line with the $300 to $400 price range implied earlier in the day on the FTX exchange’s derivatives contract linked to the ICP token.

ICP is the utility token of the Dfinity Foundation’s platform and is used for governance, decision making and network transactions.

The platform has raised $121 million of equity funding, with investors including Andreessen Horowitz, Polychain Capital and Scalar Capital, among others.

Prices recovered some 70% from Monday’s low, with traders taking a second punt on the cryptocurrency in the run-up to its listing on Binance, the world’s largest crypto exchange by trading volumes, early today.