Once popular in the crypto community, Internet Computer is gaining traction again, as its price is slowly recovering amid shaky market conditions.
When it launched, Internet Computer (ICP) protocol garnered immense interest within the crypto community. However, as of Mar. 30, its market price is a modest $5.03 — a jaw-dropping 99% plunge from its all-time high of $750.73 in May 2021.
As a largely unnoticed project in the realm of decentralized, scalable, and interoperable platforms for smart contract applications, ICP has witnessed notable growth and development.
This article delves into ICP’s potential resurgence by connecting the dots between various milestones and developments.
An impressive surge in developer count and activity
Santiment’s data published on Mar. 25 reveals that the number of developers working on the ICP protocol has experienced a steady increase over the past three years.
In addition to this, there has been a notable rise in developer activity, despite a temporary dip in December.
Moreover, ICP has outshined competitors in GitHub commit activity, ranking as one of the most active cryptocurrencies.
On Feb. 25, Internet Computer topped the list of the most active cryptos on Github for the previous three months, outperforming rivals such as Solana (SOL) and Mina Protocol (MINA).
The increase in developer count and activity is a testament to the growing interest and dedication to the ICP project. As the developer community expands, the potential for innovative solutions and improvements to the protocol increases, positioning ICP for a brighter future.
The Internet Computer has generated a significant buzz on social media, with ICP’s social volume witnessing a dramatic upsurge.
Most traction emanates from Twitter, signifying much chatter about the protocol.
The potential for new investors and users increases as more people engage in conversations about the protocol. This expanded user base can further drive adoption and contribute to the protocol’s overall growth.
The allure of web 3 and exponential community growth
Web 3, the driving force behind games, non-fungible tokens (NFTs), and various activities across blockchains, has been crucial in bolstering ICP’s market positioning.
Dfinity, the team behind the ICP project, confirmed this community expansion through a Twitter announcement in December 2022.
The growing community and adoption of web3 technologies can provide a strong foundation for ICP’s future growth and success.
Strategic partnerships and integrations: FEDERALITY and AirGap
ICP’s recent partnership with FEDERALITY, a non-profit organization for Italian entrepreneurship, and its integration with AirGap, a software crypto wallet, showcase the project’s commitment to expanding its reach and impact.
This partnership gives ICP access to a vast network of businesses, entrepreneurs, and potential users, which can contribute to its overall growth.
AirGap’s integration with ICP, on the other hand, enables users to securely manage their tokens, simplifying the process of interacting with the Internet Computer.
By offering a user-friendly and secure option to manage ICP tokens, AirGap’s partnership can significantly boost the adoption of ICP.
A glimpse into the future: new use cases and dapps
One of the key factors propelling ICP’s potential resurgence is the emergence of new use cases and decentralized applications (dapps) on the platform.
Several projects, such as tokenized NFT games and decentralized social media platforms, have chosen ICP as their foundation.
As more innovative applications are built on the Internet Computer, their relevance and value proposition within the crypto ecosystem could rise.
In addition, the ICP community has witnessed the launch of various developer tools and resources, such as the Internet Identity (II) system and the Motoko programming language.
These resources simplify the development process for newcomers and empower experienced developers to create complex applications on the platform.
As the developer ecosystem expands, the potential for groundbreaking use cases and dapps on the Internet Computer could pave the way for its growth.
Internet Computer price prediction
CoinCodex has given a bearish prediction, suggesting that ICP will reach $4.02 by April 9. This outlook might be influenced by recent market trends and the cryptocurrency’s past price performance, which has lost more than 99% of its value since its all-time high.
On the other hand, DigitalCoinPrice has remained bullish, forecasting that ICP will hover around $10.38 in 2023 and reach $17.56 by 2025.
This optimistic stance may stem from the belief that the Internet Computer protocol’s continued development and adoption could positively impact its value in the long run.
Despite these varying predictions, investors should know cryptocurrencies’ inherent risks and volatility. As with any investment, the future price of ICP is subject to many factors that are difficult to predict accurately.
Investors must conduct thorough research, understand the project’s fundamentals, and exercise caution before making decisions about their investments in ICP.
The road ahead
As the Internet Computer protocol continues to attract developers, build strategic partnerships, and support innovative use cases, it is well-positioned to stage a comeback.
The growing interest in Web 3 technologies, the buzzing social media presence, and the expanding developer community indicate a promising future for ICP.
While the current market price might not reflect the project’s true potential, the numerous developments and achievements of the Internet Computer could pave the way for strong future growth.