ICP price triple bottoms as BOB, MSQ push transactions higher

Internet Computer price retreated for the fourth consecutive day as network activity surged following the launch of fair minting protocols in its ecosystem.

Internet Computer (ICP) dropped to $7.70, its lowest level since Sept. 9, and 16% below its highest point this month.

The most recent ICP news involves the launch of Blockchain-on-Blockchain, commonly known as BOB, and MSQ Burn, which describes itself as the most advanced meme coin miner on Internet Computer’s blockchain.

These protocols operate similarly to Bitcoin mining but on the ICP network. In these systems, users spin virtual miners, fuel them with the ICP token – which burns the tokens in the process – and, in return, they mine new tokens.

BOB and MSQ aim to address the challenge of minting new meme coins, which has become easy due to popular networks like Pump.fun and SunPump. As a result, no one will be able to dominate the system by minting tokens for free.

Data from Internet Computer’s website shows that activity on the network has jumped in the past few days after their launch. The number of dApps or smart contracts on the network has increased to over 564,495, much higher than the 381,500 at the beginning of the year.

Additionally, the number of transactions in recent days has soared. Queries on Tuesday, Sept. 7, reached 1,355, while updates rose to over 8,700.

The number of internet identities on the network has climbed to over 2.6 million, up from 2.5 million three months ago.

Meanwhile, the total value locked in its ecosystem has dropped to $47.19 million from the year-to-date high of over $109 million. ckBTC, its Bitcoin (BTC) digital twin, has stagnated, with its assets sitting at $16.5 million. 

ICP is showing signs of bottoming

ICP price chart | Source: TradingView

ICP has fallen by over 63% from its highest point this year, underperforming compared to other popular coins like Tron (TRX) and Toncoin (TON). 

It formed a death cross in June, and its futures open interest has dropped sharply in the past few months. ICP remains below the 50-day and 200-day Exponential Moving Averages. 

On the positive side, there are signs that ICP is bottoming as it has formed a slanted triple-bottom pattern with a neckline at $10.94, its highest point on July 22. 

Therefore, ICP may stage a strong comeback if bulls hold it above the slanted triple-bottom level.