The ICM (Internet Capital Markets) craze has taken over the crypto space. The trend involves the tokenization of ideas on the blockchain for direct and public fundraising, especially on the Solana blockchain. At the time of writing on May 14, over 9000 ideas has been launched, taking this narrative to a market cap high of $427 million in the last 24 hours.
What is the ICM Phenomenon
ICM’s are basically a new method for decentralized capital formation. In simple terms, builders can transform their ideas, projects, concepts, etc., into tradable digital tokens. This narrative is made possible on a platform called Believe App, on Solana, which makes token creation from ideas a simple process.
With this model, fundraising is a democracy as it allows builders to bypass traditional methods like VCs.
The tokens and ideas rely on social media promotions and user’s conviction to attract hype and investments. However, with every trending narrative comes some considerable risks as most of the tokens and ideas are mostly speculative and can be volatile.
Current State of the ICM Token Market
According to data from Dune Analytics and Believe screener, the ICM narrative has seen tremendous growth in the last 24 hours. The tokens have experienced a 136.6% increase in the last day with the market cap surging to a high of $427 million from the initial $220 million.
About 9,073 ICM tokens have been launched on the Believe app, however, only 423 of these have been activated and are currently tradable. The fast adoption proves the high level of interest from the crypto community.
Top Performing ICM Tokens and Associated Risks
Several ICM tokens have shown significant traction. According to data from Believe Screener, here are the top performers in the Believe App ecosystem.
- LAUNCHCOIN (LAUNCHCOIN): Up 163.5% in 24 hours. This token is central to the Believe app platform.
- gooncoin (GOONC): Up 137.4% 24-hour surge.
- Noodle (NOODLE): Up 40.5% in 24 hours.
- Dupe (DUPE): Up 15.2%.
- Creator Buddy (BUDDY): Up 24.4%.
ICM’s are the latest excitement in crypto but it is not without risks. Investors should be informed that the performance of the token is solely due to social media hype rather than fundamentals. There’s always teh possibility of founders abandoning projects after raising funds. Experts have warned that most of the ICM tokens are speculative memecoins with little to no utility and this increases the risks fro investors.
Investors are advised to conduct thorough research into these projects before investing and individuals should always invest an amount they can afford to lose.
