menese

A project called Menese is raising funds on the ICP chain. Its discussion volume has surged 2.4x, while ICP itself only rose a mere 0.25% in a day—money is going into someone else’s pocket.

At 10:30 (UTC) on September 27, Menese Protocol posted that its cross-chain execution stack is built on ICP, and the SNS-to-buyback redemption window runs until October 13. Eight minutes later, it added that fundraising had already hit one-third of the minimum threshold of 100,000 ICP—about 33,000 ICP, or $1.07 million. This is real capital entering, not an “air narrative.”

But don’t count Menese’s excitement as a win for ICP: this funding does not burn any ICP, does not generate protocol revenue, and does not create any mandatory demand for ICP—it’s fundraising for an application in its own backyard, with no direct link to ICP’s underlying economic model. Price data already tells the story: ICP only gained 0.25% in a day, and the market clearly isn’t treating this as ICP’s own good news.

If it were me, I’d be bearish on ICP and wouldn’t chase long on this move. Yes, discussion volume is up 2.4x and lively—but when it comes down to token price it’s only 0.25%. The gap is too big: this money is heading to Menese, not to ICP. What I’m watching is the October 13 redemption deadline: if fundraising truly reaches— or even exceeds—the 100,000 ICP cap, and NNS governance really gets finalized, then it might, in turn, help drive ICP higher. Up until that deadline, though, this is Menese’s business, not ICP’s direction.

$ICP #Menese #Web3