A year ago today, ICP was listed on Coinbase, reached $700 and immediately entered the top 10. Yesterday, it fell below $10 for the first time.

A year ago today, May 10, 2021, a new coin seemed to suddenly appear out of nowhere for most of us: a coin with the pretty weird name Internet Computer (ICP). It had the most explosive start of any coin I've ever seen. It entered the top 10 immediately, even went to #4 for a few hours, with only BTC, ETH and BNB ahead of it. On the first day it was even listed on sites like Coingecko and Coinmarketcap! I remember thinking this was a bug when there suddenly was a new coin in the top 10.

Today, it is sitting solidly below $15, even went below $10 yesterday - what happened? Well, $700 was just absurdly overpriced, it seems. But to be fair, ICP has had incredibly bad luck with its timing, as it was released just days before Bitcoin's biggest crash in recent history, which dragged the whole market down with it. On May 10, BTC opened at above $58, only 3 days later it opened below $50k and kept going down, to a low of $30,681.50 on May 19.

ICP was hit too, but much harder - I would guess it would have gone down from $700 even in a good market. There was quite a bit of up and down in the first few days, but it (at least temporarily, respectively) went below $400 on May 11, below $300 on May 12, below $200 on May 17 and below $100 on May 19. That's $700 to below $100 in nine days. There were a few ups and downs in the following days but it permanently went below $100 on June 8, less than a month after its release, and never returned.

You know what's impressive, though? You would expect a coin that has fallen more than 98% to be at like rank 300 or something at best. But nope, it is still sitting somewhere around #40 - that's how absurdly high its market cap was!

Happy birthday ICP, I'm curios where you'll be in a year!