Internet Computer’s price has retreated for the fourth consecutive day as network activity surged following the launch of fair minting protocols in its ecosystem. The Internet Computer (ICP) dropped to $7.70, marking its lowest level since September 9, and is currently 16% below its highest point this month.

Recent Developments in ICP

The latest ICP news highlights the launch of Blockchain-on-Blockchain (BOB) and MSQ Burn, which are advanced meme coin miners on the Internet Computer’s blockchain. These protocols function similarly to Bitcoin mining but operate on the ICP network. Users spin virtual miners, fuel them with the ICP token – burning the tokens in the process – and, in return, mine new tokens.

BOB and MSQ aim to address the challenge of minting new meme coins, a process that has become straightforward due to popular networks like Pump.fun and SunPump. Consequently, no single entity will be able to dominate the system by minting tokens for free.

Network Activity Surge

Data from Internet Computer’s network shows a significant increase in activity following the launch of these protocols. The number of dApps or smart contracts on the network has surged to over 564,495, up from 381,500 at the beginning of the year. Additionally, transaction volumes have soared, with queries on Tuesday, September 7, reaching 1,355 and updates rising to over 8,700.

The number of internet identities on the network has climbed to over 2.6 million, an increase from 2.5 million three months ago. However, the total value locked (TVL) in its ecosystem has dropped to $47.19 million from a year-to-date high of over $109 million. ckBTC, its Bitcoin (BTC) digital twin, has stagnated, with assets currently sitting at $16.5 million.

ICP Price Analysis

ICP has fallen by over 63% from its highest point this year, underperforming compared to other popular cryptocurrencies like Tron (TRX) and Toncoin (TON). It formed a death cross in June, and its futures open interest has declined sharply in recent months. ICP remains below the 50-day and 200-day Exponential Moving Averages (EMAs).

On the positive side, there are signs that ICP is bottoming as it has formed a slanted triple-bottom pattern with a neckline at $10.94, its highest point on July 22.

Therefore, ICP may stage a strong comeback if bulls manage to hold it above the slanted triple-bottom level.

Investment Considerations

For those interested in cryptocurrencies, investing, and finance, keeping an eye on ICP’s developments and network activity is crucial. As always, thorough research and a strategic approach to investing can help in navigating the volatile world of cryptocurrencies.

Stay updated on the latest cryptocurrency news and trends to make informed investment decisions.

Post Views: 4