Internet Computer chalks 176% rebound rally despite ICP dumping FUD

Internet Computer ICP
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Key Internet Computer takeaways:

  • Arkham report and misconduct on Internet Computer’s part
  • Positive report from Bloomberg and future developments for ICP
  • Resulting bullish price action

Yerevan (CoinChapter.com) – Internet Computer’s native token ICP has gained 176 percent since July 20, topping up at $76.3 on August 10 before sliding down to $73.6 in later hours. The strong rebound rally came forth despite the accusations of an intelligence company, based on a report published on June 28.

Internet Computer misconduct?

In hindsight, Internet Computer had a spectacular start in mid-May, jumping right into the top 10 cryptos by market cap. Unfortunately, that market cap has drastically declined after that and currently stands at $10 billion, ranked #16.

The report mentioned above investigated the price fall and the reasons behind it. Arkham Intelligence, a firm providing intelligence reports on cryptocurrencies and companies behind them, conducted a report on Internet Computer and the reasons behind the plummeting market cap.

Based on a review of their public materials, Dfinity [the company behind Internet Computer] has not followed industry practices meant to
demonstrate good faith and assure investors that project insiders won’t trigger a price collapse
through massive selling.

states the report.

Moreover, Arkham Intelligence assets that DFinity has not been transparent about token allocation and unlocking. The company has allegedly forced vesting schedules on airdrop holders and seed investors, thus hindering their freedom to sell their ICP tokens.

The Treasury and suspected insiders have continually sent millions of ICP worth billions of dollars to
exchanges, totaling 75% of the total deposited, possibly driving ICP’s price collapse

concluded the research.

Dominic Williams, the founder and CEO of Dfinity has not answered the allegations straight away. However, he commented on the report later on and stated that it was “sponsored by a competitor” and called Arkham a “FUD machine.”

Also read: Internet Computer (ICP) rally returns 30% after a bearish day; another dip ahead?

Attention shift

Mr. Williams paid little attention to the report. Instead, he shifted the focus towards Internet Computer Badlands. This new technology helps amateur node providers apply Internet Computer technology through low-cost devices like Raspberry Pis.

Bandlands will help overcome the need for expensive hardware.

Bloomberg also conducted a report on ICP, but a bullish one. The report noted that the project had attracted 500 developers and 250,000 users just ten weeks after the initial launch.

Our estimate is that the Internet Computer will have significantly greater DAU than the rest of blockchain by the end of the year

commented the CEO of DFinity.

The optimistic vibe might have contributed to the digital asset’s bullish price action.

Also read: Internet Computer’s ICP rallies by 30% into overbought territory, dip ahead?

ICP uptrend

While the origins of the Arkham report are a point of dispute, ICP went of a strong bullish rally and gained more than 175 percent in 3 weeks. However, the price action has been choppy in the past few days, which is more visible on the four-hour chart.

ICP's uptrend. Source: ICPUSD on TradingView.com
ICP’s uptrend. Source: ICPUSD on TradingView.com

Despite the fluctuations, the overall bias remains bullish.

Also read: Internet Computer Protocol (ICP) price pumps 42% on strong buying pressure and fundamentals.

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