Internet Computer (ICP)
DFINITY's on-chain cloud computing with 99.6% ATH drawdown; technically new but massive inflation and insider overhang persist.
Ranked 129th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
ICP scores 102 of 250 across the 25-variable framework, which places it 129th of 251 rated tokens and inside the lower half of the set. The framework verdict is WATCH.
The score rests on Circulating / FDV Ratio 8/10, 27th of 251, Developer Activity 6/10, 33rd of 251, Treasury Runway 6/10, 33rd of 251 and Exchange Depth 6/10, 37th of 251.
Against the same universe, ICP sits in the bottom third on Supply Inflation 2/10, 228th of 251, Vesting Schedule 3/10, 204th of 251, Insider Selling 3/10, 201st of 251 and Holder Concentration 3/10, 197th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for ICP. Price has to be justified by demand rather than absorbed against a cliff.
ICP trades 99.7% below its all-time high of $700.65. Recovering that level is a 333.3x move, not a 99.7% one, which is the arithmetic most drawdown charts hide.
The framework score gained 19 points against the previous pass (83 to 102). Revisions of this size follow a change in the underlying variables, not a change in price.
$110.0M sits in the protocol. Each dollar of value locked carries 10.57 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 3 | 117th of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 2 | 228th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 8 | 27th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 3 | 131st of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 3 | 114th of 251 | |
| Team Execution | 4 | 147th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Bitcoin integration and ckBTC enabling ICP as BTC L2; AI smart contract canister adoption
Principal risk
Ongoing NNS-controlled ICP minting (inflation); 53% supply not yet in circulation; 99.6% below launch price; complex tech with thin real-world adoption
Market and supply
| Price | $2.09 |
| Market cap | $1.16Brank 60 |
| All-time high | $700.6510 May 2021 |
| Circulating supply | 555,302,240 |
| Eventual supply (total supply) | 555,302,337 |
| Dilution to full supply | 1x |
| Total value locked | $110.0M |
| Listed on | Binance, Coinbase, Kraken, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to ICP measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [CoinGecko] ICP launched at $700 in May 2021 and is now 99.6% below that price due to inflation and sell pressure
- [ICP Dashboard] Internet Computer hosts 500+ dapps as canisters with on-chain compute and storage
- [DFINITY Foundation] ckBTC and ckETH chain-key tokens enable ICP to hold and transact native BTC and ETH on-chain
Common questions
- What is the Early Thunder score for Internet Computer (ICP)?
- ICP scores 102 out of 250 on the 25-variable framework, ranking 129th of 251 rated tokens (lower half). The framework verdict is WATCH.
- What are ICP's strongest fundamentals?
- ICP ranks highest on Circulating / FDV Ratio 8/10, 27th of 251, Developer Activity 6/10, 33rd of 251, Treasury Runway 6/10, 33rd of 251 and Exchange Depth 6/10, 37th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the ICP thesis?
- ICP scores in the bottom third of the universe on Supply Inflation 2/10, 228th of 251, Vesting Schedule 3/10, 204th of 251, Insider Selling 3/10, 201st of 251 and Holder Concentration 3/10, 197th of 251. The single risk carried on the scorecard is: Ongoing NNS-controlled ICP minting (inflation); 53% supply not yet in circulation; 99.6% below launch price; complex tech with thin real-world adoption
- How much ICP supply is still to enter circulation?
- 100% of eventual ICP supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is ICP from its all-time high?
- ICP trades 99.7% below its all-time high of $700.65. Returning to that high requires a 333.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to ICP?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to ICP are MINA (98), DOT (103), ROSE (84) and CELO (94). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for ICP?
- Bitcoin integration and ckBTC enabling ICP as BTC L2; AI smart contract canister adoption
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.