ICP Up 50% In 6 Weeks As On-chain Fees and Development Activity Explodes: Time For dFinity To Shine?

ICP, the native currency of the Internet Computer, is steady, adding 50% to ICP Price over the last 2-months amid soaring development activity.

Whenever Bitcoin ticks higher, expect quality altcoins like ICP to also rise in tandem.

Previously, Solana, meme coins, and some of the most undervalued top 50 altcoins would register double-digit gains.

The ICP Price Boom: Up +50% In 6-Weeks

Now, eyes are on ICP, the native token of the Internet Computer.

Over the last few trading weeks, the coin has been edging higher, shaking off the weakness of the past few years.

( ICPUSDT )

After peaking at over $750 in 2021, ICP crashed in 2022, and it has never been the same.

To put in the numbers, the coin is down 98% from all-time highs, looking at Coingecko data , but this is beginning to change.

ICP, despite its rough Q3 2024 price action, is up by over 50% over the last six weeks. The uptick has seen the coin spectacularly recover from August lows.

As prices reach much-needed higher highs, other vital on-chain metrics show that ICP could be poised for even more gains.

ICP Fees Explode By Over 5,800%

According to TokenTerminal, Internet Computer’s on-chain fees are picking up steam, pointing to a resurgence in activity.

Over the past 30 days alone, the network has generated 5,800% more fees than some of the top Ethereum scaling solutions and competing blockchains like Optimism and Avalanche.

It should be noted that, like these Ethereum scaling solutions, the Internet Computer is equally scalable and boasts low fees. However, considering that the platform is generating much more fees than these options suggests more intensive activity.

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Digging deeper, Token Terminal analysts observed that a new protocol, Bob Fun (BOB), is driving activity.

The documentation describes BOB as a blockchain built on the Internet Computer that seeks to leverage Bitcoin’s secure consensus mechanism while concurrently offering similar utilities to Dogecoin .

The platform operates as a “Blockchain-on-Blockchain” solution, tapping into a new consensus, proof-of-on-chain-work.

It supports smart contracts, dubbed canisters, that solve complex mathematical problems (hashes). Special “mother nodes” on the BOB platform actively assign these hashes.

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Internet Computer Leads Development Activity

As Bob.fun drives activity on the Internet Computer, Santiment data also reveals that developers are hard at work, building and improving the protocol.

In the last 30 days, Santiment, a blockchain analytics firm, reports that the platform led, surpassing Chainlink on Ethereum, Hedera, Cardano, and even Polkadot–that’s preparing for Polkadot 2.0.

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As GitHub activity soars, analysts are confident of what lies ahead, expecting more users to pour in.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.