Internet Computer (ICP) Price Retreats for the Fourth Consecutive Day as Network Activity Surges

Internet Computer (ICP) dropped to $7.70, its lowest level since Sept. 9, and 16% below its highest point this month.

Internet Computer (ICP) price fell for the fourth day in a row on Tuesday as network activity increased following the launch of fair minting protocols in the ecosystem.

ICP price dropped to $7.70, the lowest level since Sept. 9, and 16% lower than the highest point earlier this month.

Internet Computer price dropped on Tuesday, continuing a recent decline that saw the token lose value for four consecutive days.

ICP price last saw a high of $9.18 on Sept. 7, but dropped to a low of $7.70 on Tuesday, its lowest level since Sept. 9. At the highest point this month, the token was trading up by 16%.

However, ICP price later recovered slightly and was trading at $7.86 at the time of writing, with the token still down by 63% from the highest point earlier this year.

The latest ICP news highlighted the launch of Blockchain-on-Blockchain, also known as BOB, and MSQ Burn, which is described as the most advanced meme coin miner on Internet Computer’s blockchain.

These protocols operate similarly to Bitcoin mining but on the ICP network. In these systems, users spin virtual miners, fuel them with the ICP token – which burns the tokens in the process – and, in return, they mine new tokens.

The launch of these protocols appears to have sparked a surge in network activity, which attracted attention from the community.

Both BOB and MSQ aim to solve the problem of minting new meme coins, which has become easy due to popular networks like Pump.fun and SunPump. As a result, no one will be able to dominate the system by minting tokens for free.

According to data from Internet Computer’s website, activity on the network jumped in the past few days after the launch of these protocols.

The number of dApps or smart contracts on the network increased to over 564,495, significantly higher than the 381,500 at the beginning of the year.

Moreover, the number of transactions in recent days soared, with queries on Tuesday, Sept. 7, reaching 1,355, while updates rose to over 8,700.

The number of internet identities on the network also climbed to over 2.6 million, up from 2.5 million three months ago.

Meanwhile, the total value locked in the ecosystem dropped to $47.19 million from the year-to-date high of over $109 million. ckBTC, its Bitcoin (BTC) digital twin, has seen its assets stagnate at $16.5 million.

ICP Price Analysis

ICP has dropped significantly in 2022, and despite a rally in August, the token remained far below its all-time high.

From the highest point earlier this year, the token last dropped by over 63%, underperforming compared to other popular coins like Tron (TRX) and Toncoin (TON).

It formed a death cross in June, and its futures open interest has dropped sharply in the past few months. ICP also remains below the 50-day and 200-day Exponential Moving Averages.

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 hold it above the slanted triple-bottom level.