ICP Climbs 5% as Token Burn and AI-Based Dev Tools Drive Momentum
The Internet Computer Protocol’s (ICP) token surged 5% to $5.57 in the past 24 hours, buoyed by renewed technical strength and growing optimism around recent protocol enhancements.
ICP found strong footing near $5.21 during a key trading window around 19:00 UTC on July 30, when trading volume spiked to 1.43 million tokens—triple the 24-hour average of 476,829. The asset moved steadily higher from that point, carving out a pattern of rising lows before encountering resistance at $5.58.
The gains come as DFINITY unveiled Internet Computer 2.0, an upgrade that allows users to build decentralized applications using natural language prompts, eliminating the need for coding expertise. The innovation could significantly lower barriers to Web3 development and expand the network’s appeal beyond traditional developer communities.
In parallel, DFINITY has burned over 1 million ICP tokens over the past five months, shrinking supply and reinforcing a long-term deflationary stance. The combination of reduced token float and broadened utility through AI tooling is drawing renewed institutional attention.
Technical Snapshot:
- Support confirmed at $5.21, with a high-volume reversal.
- Resistance forming at $5.58, capping short-term upside.
- A consistent series of higher lows highlights bullish structure.
- Volume spikes indicate institutional accumulation.
- Minor price uptick from $5.56 to $5.57 between 09:05–10:04 UTC suggests consolidation at higher levels.
With both macro narratives—AI-driven accessibility and supply-side contraction—gaining traction, ICP may be entering a new phase of strategic accumulation. Institutional interest appears to be rising as investors look for differentiated Layer-1 plays in a crowded market.
