Dfinity Foundation's internet computer (ICP) token went live on the U.S.-based crypto exchange Coinbase Pro on Monday, trading as high as $700 at one point before sinking to about $342, according to CoinGecko.
The latest price, as of 17:57 coordinated universal time (1:57 p.m. ET) was roughly on par with the $345 level implied earlier in the day on the FTX exchange's derivatives contract linked to the ICP token.
- According to Messari, some 469,213,710 of the tokens have been created.
- On that basis, and based on a price of $342, the fully diluted market capitalization would be $160.5 billion.
- But according to a Messari report earlier Monday, only about 26% of the token supply is actually circulating.
- Based on that level, the circulating market cap would be about $41.7 billion – making ICP the seventh-biggest cryptocurrency, just behind the $55 billion for cardano (ADA) but ahead of the $36 billion for polkadot (DOT).
- FTX rolled out ICP perpetuals on May 6, a day after Coinbase announced the planned ICP listing.
- Dfinity's smart contract platform runs at internet speed, according to Dfinity, and can run all applications from the open web and blockchains like Ethereum and Binance Smart Chain.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.