In the midst of the 2021 bull run, if you find yourself among the multitude influenced to perceive ICP as a scam named ICP scam, you’re not alone. The prevailing sentiment stems from a strategic narrative orchestrated by influential market players with vested interests in rival projects. Let’s delve into this notion, breaking it down into distinct steps for a clearer understanding.

1. The Prolonged Bull Run Illusion

During the initial months of 2021, the cryptocurrency market experienced an unprecedented surge, fostering an atmosphere of excitement and optimism. Enthusiasts believed the bull run would endure indefinitely, viewing crypto as a revolutionary force poised to replace our existing monetary system. Prominent figures, including celebrities and influencers, amplified the fervor by endorsing various crypto projects on national platforms. Media outlets flooded the scene with daily articles detailing the latest celebrity endorsements and crypto trends. If you were part of this exhilarating period, you likely recall the palpable enthusiasm that gripped the industry—until it all came crashing down.

This marked the inception of the narrative that would later paint ICP as a scam. The stage was set. As ICP entered the scene, the market was at its zenith. Those driven by unchecked greed, witnessing a new project rapidly ascending the CoinMarketCap ranks, saw it as the golden ticket to 10x or even 100x gains, propelling them to unprecedented financial heights. Consequently, many eagerly invested in ICP at inflated prices, prompting the question: Why was the price so elevated?

2. FTX Orchestrations

The now-defunct FTX exchange held significant stakes in ICP’s competitors, notably Solana, with substantial backing from influential figures like Sam Bankman Fried, Alameda, and FTX itself. Concerned that the groundbreaking potential of ICP could overshadow Solana, Sam Bankman Fried took decisive action. Two days before ICP’s comprehensive listing on major exchanges and its official launch, FTX strategically introduced ICP-Perp, causing a significant surge in its price.

Notably, FTX exclusively featured ICP as futures, not as a spot listing. The price of ICP soared to an astonishing $750 – $2000 before its official launch. Consequently, when established exchanges such as Binance and Coinbase introduced ICP spot listings, the inevitable outcome was a sharp decline in price. This orchestrated maneuver contributes to the prevailing narrative depicting ICP scam, as evidenced by the chart’s apparent downturn.

Additionally, a suspicious occurrence during the latter part of 2021 raises questions. During the supposed “second” phase of the bull run, when SOL (among other coins) experienced notable pumps, the trading volume was unusually low. Speculation arises that Sam Bankman Fried and Alameda strategically utilized their resources to interrupt the bull run precisely during ICP’s launch, causing a subsequent plunge in price. The run resumed later in the year, with tokens like SOL, AVAX, and LUNA appreciating in value with minimal volume. While speculative, these circumstances warrant further inquiry and scrutiny.

3. Market Downturn Unfolds

The onset of a bear market has not only affected the cryptocurrency realm but has cast its shadow over the entire financial landscape. Compounding this economic downturn is the unforeseen black swan conflict in Ukraine, coupled with the Federal Reserve’s assertive stance in raising interest rates. This unexpected confluence of events has created a volatile recipe for potential disaster. The abrupt nature of these developments caught many, particularly those less seasoned in the intricacies of the market, off guard. Those of us who ventured into crypto investments in the early months of 2022, optimistically anticipating a continued upward trajectory, were blindsided by the unanticipated challenges that unfolded.

4. Rival Assaults Unleashed

If you were an active participant on Twitter during this period and shared anything related to ICP, you likely encountered a relentless barrage of counter-shillers. These adversaries wasted no time in questioning your decision to invest in this coin, labeling it as nothing more than a pump-and-dump scheme and asserting that you had squandered your funds.

Amidst the chaos, conspiracy theories emerged, suggesting that individuals identified as DFINITY employees were, in fact, “fake people,” and their photos were allegedly AI-generated. These meticulously coordinated attacks were orchestrated by competitors harboring a deep-seated desire to witness the downfall of ICP and DFINITY. Their motivation was rooted in the realization that their blockchains, essentially marketing endeavors, paled in comparison to the groundbreaking innovation that ICP brought to the market. For those astute enough to discern the truth amidst the deception, who remain steadfast and have been strategically accumulating ICP at opportune prices, congratulations are in order. You’ve demonstrated resilience in the face of one of the most significant deceptions in the annals of technology.

In conclusion, the narrative surrounding the alleged ICP scam is a complex tapestry woven from a combination of market dynamics, external influences, and competitor maneuvers. While challenges and criticisms have been pervasive, it’s essential to approach the discourse with a discerning eye. The cryptocurrency landscape is inherently volatile and susceptible to manipulation, a reality exacerbated by the interconnected world of social media.

As we navigate the intricacies of ICP’s journey, it becomes apparent that perceptions are often shaped by a multitude of factors—some grounded in tangible events, while others may be influenced by orchestrated campaigns aimed at tarnishing its reputation. The market’s ever-shifting nature, coupled with external pressures and competitive interests, underscores the importance of critical thinking and a thorough examination of the facts.

Ultimately, whether one views ICP as a victim of circumstance or a subject of legitimate concern, the landscape of the cryptocurrency world is continuously evolving. As investors and enthusiasts, it is our responsibility to remain vigilant, informed, and open to diverse perspectives. The journey of ICP, like any other project in this dynamic space, serves as a reminder of the need for resilience, adaptability, and a nuanced understanding of the forces at play in the complex realm of digital assets.