Every crypto cycle leaves behind a trail of tokens that get hyped, dumped, and then quietly fade from mainstream attention. Internet Computer (ICP), has been a prime example.
ICP price surged when it first launched and later collapsed, leaving many wondering if the project has a future. After hitting a high of around $21 in 2024, the token has since dropped by about 80%. That kind of decline naturally raises doubts, which explains why the question “Is Internet Computer really dead?” keeps resurfacing.
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Internet Computer Price Struggles Against Market Cycles
The ICP price tells part of the story. Heavy drops create the impression of a fading project. Yet crypto veterans know that price does not always match developer activity.
According to crypto commentator Cade O’Neill, ICP may look dead on the surface, but behind the scenes developer work continues. He pointed out that integrations are live, dApps are running, and developer contributions remain consistent. In his view, what many call “death” might simply be a long building phase.
$ICP was hyped early, then brutally dumped. But zoom out, developer activity is still growing, integrations are happening, and dApps are live.
— Cade O'Neill (@CadeONeill) September 24, 2025
Sometimes “dead projects” are just quietly building. Question is: do you believe ICP has redemption potential?
Several other commentators, through the comment section, pushed back against the “dead project” narrative. Eliyahu noted that nearly half of the supply is staked, suggesting that conviction among holders remains high. OG argued that the Internet Computer ecosystem still shows strong development and on-chain activity, pointing to the growth of tokens like $CLOWN as proof of ongoing innovation. For these supporters, the ICP token still represents more than just a chart with declining price action.
Developer Momentum Keeps Internet Computer Alive
Cycles of hype and doubt are common in blockchain history. Analyst Ivan compared ICP’s current moment to a rebuilding phase, where developer activity matters more than short-term speculation. He stressed that the functioning dApps within the ecosystem prove the chain is far from abandoned.
Harry, another voice in the comment section, agreed by noting that some of the biggest rebounds in crypto come from projects that many had written off too early. He placed both ICP and $CLOWN in that category, calling them potential comeback stories.
The Internet Computer price will likely depend on whether its ecosystem can generate meaningful traction. Pappilo emphasized that markets move through hype and dumps, yet fundamentals eventually take over. He sees ICP’s developer base and live applications as signs of resilience.
The rise of smaller ecosystem tokens like $CLOWN has added energy and visibility, showing that innovation is still happening inside the network. If adoption grows, those fundamentals could set the stage for a price recovery down the line.
Is ICP Really Dead Or Just Quietly Building?
The debate comes down to perspective. Critics focus on the 80% drop from 2024 highs and the lack of major headlines. Supporters point to strong staking numbers, active developers, and new ecosystem projects as evidence that Internet Computer is alive and quietly moving forward.
Read Also: Here’s How Much Bitcoin You Might Need to Retire Comfortably by 2035
The truth is that ICP is neither the breakout star it once was nor a ghost chain with no activity. It sits somewhere in between, waiting for its next chapter to unfold. ICP price decline paints a grim picture, but developer momentum and ecosystem growth tell a different story.
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