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Dfinity's ICP Token Price Goes Live on Coinbase Pro
The launch of the Dfinity project's internet computer (ICP) token on Coinbase Pro instantly makes it one of the largest cryptocurrencies.
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.
STORY CONTINUES BELOW
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.
Also read: How Dfinity Could Give Ethereum Another Layer of Censorship Resistance
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
