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$ICP Price Soars as Token Burn Accelerates! ⚡️
The Internet Computer (ICP) token is on fire 🔥, climbing for the third straight day! It hit an intraday high of $12, a significant leap from last month’s low of $8.83.
What’s Driving the Surge?
The main catalyst is the accelerating ICP burn cycle, signaling increasing value for developers and users alike:
🔹 Burn Cycle Boom: The annual burn rate has skyrocketed by over 8,800%, exceeding 849 billion cycles, compared to a 90-day average of 512 billion.
🔹 Smart Contract Growth: The protocol boasts a record-breaking 879,670 canisters, a substantial increase from 374,000 a year ago.
These metrics highlight robust network activity and suggest that ICP token supply isn’t expanding rapidly. 🚀
The Bigger Picture:
Despite these gains, Internet Computer’s ecosystem has some catching up to do:
🔸 It currently supports 11 DeFi apps with a total value locked (TVL) of just $52 million, lagging behind chains like Base and Sui.
Technical Analysis:
ICP’s daily chart paints a bullish picture:
✅ The token bounced back from a December low of $8.83 and smashed through the crucial $10.97 resistance (July’s high).
✅ It’s trading above the 50-day and 200-day EMAs, signaling strong momentum.
✅ ICP also crossed the $11.60 resistance, completing a double-bottom breakout from $9.40.
Bulls could be eyeing the next major target with the token hovering near the 50% Fibonacci Retracement level. Will ICP continue to soar? Only time will tell, but the signs are promising!
$ICP $SUI #icp #ICP. #SUI🔥