Internet Computer is originally a blockchain that can be used to build almost any online system or service without the need for traditional IT. Recently, the developers of this token started drifting towards integrating AI into their services by providing AI smart contract services. Once this service is fully launched, it could make ICP to be classified as an AI token. In this article, we discuss how tapping into the AI sector could further boost the price of ICP, its excellent price performance, and the latest AI smart contract services.
Internet Computer’s Massive Price Increase
Internet Computer (ICP) is increasing massively in price, with the price climbing to over $17, with more than a 20x increase. The weekly chart also shows a lot of growth, with the price increasing from $12 around the 19th of March to over $17 before the 25th of the same month, causing around 31x growth. In the last three days, the lowest price of this token is $10, the average price at $12, and the highest price at over $19. Apparently, this massive growth extends to other metrics like the market valuation, receiving a huge $8 billion boost, placing it as a top 20 cryptocurrency. Furthermore, the trading volume surged to over half a billion dollars at over $580 million.
Internet Computer Integrates AI into the Blockchain
The developers of Internet Computer, especially the founder Dominic Williams, have revealed the project’s activities with artificial intelligence. In a post on Twitter, Williams shared a video demonstrating how AI can run within the Internet Computer blockchain as a smart contract. Apparently, the post went viral, receiving more than 1 million views, over 7,000 reposts, and more than 4,800 likes. Moreover, this was among the primary drivers of ICP’s increase in price, with the valuation staying above $6 billion in the past few days.
According to Dominic Williams, he said Dfinity, the parent company of Internet Computer, wants AI to become the heartbeat of their web3 and multichain activities. Moreover, he said it is already running on a testnet, and they plan on releasing more demos while delivering new SDK enhancements. Williams also notes that they plan on proposing a new public node machine specification. Apparently, node providers will use these node machine specifications in subnets specialized for hosting AI smart contracts.
Is the AI Sector Great for Internet Computer?
Tapping into the AI sector is likely a good move for Internet Computer, as this is a growing crypto sector with massive potential. With Bitcoin climbing back to over $70k, the AI tokens market cap increased drastically, crossing the $28 billion valuation within 24 hours. Tokens in this sector, such as Bittensor and Render, are doing well, with over $4 billion in valuation each. They also emerge in the top gainers list in the broader crypto market, with LIZA and Tokenfi leading at 47% and 43%, respectively.
Wrapping Up
Internet Computer (ICP) recently witnessed an over $8 billion market valuation boost after announcing its latest venture into AI. Apparently, they want to create node machine specifications that will help in hosting AI smart contacts. This move could get ICP to be classified into an AI token, resulting in the project tapping into the potential growth of the AI economy. At press time, AI tokens have over $28 billion valuation and $1.1 billion trading volume. However, the pressing question remains: How much will ICP increase if it becomes an AI token?
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
