Internet Computer (COIN: $ICP) Surges 70%+ in One Week, Enters Top Weekly Gainers List

Internet Computer (COIN: $ICP)

Internet Computer (COIN: $ICP) is a protocol designed to allow computers to share information without relying on a centralized service, instead relying on a decentralized network of nodes to store and relay data. It was created by the DIFNITIY project founded in 2015 by Dominic Williams, and in 2016, the DFINITY Foundation was created in Switzerland to oversee its future development.

$ICP has surged more than 70% in a week, driven by CEO Dominic Williams’ unveiling of the first blockchain-based AI smart contract.

DFINITY’s Latest AI Innovation

$ICP broke through the $18 resistance in the past few days after Williams uploaded a YouTube video on March 22, 2024, where he presented the world’s first blockchain AI smart contract, marking a major milestone. The demonstration illustrates how AI is beginning to play a central role in shaping a web3 environment across various chains.

In an X post, the CEO Dominic Williams said, “The Internet Computer is used – the world’s first 3rd gen. blockchain #ICP. AI will become the beating heart of our web3, multi-chain world, and this is only my first demo.”

He added, “Code will follow shortly. This is running on DFINITY’s Internet Computer testnet, but you’ll be able to take the code and run it on the public network as the NNS is expected to up the per-transaction instruction limit in the coming days.”

Furthermore, this groundbreaking move from the company demonstrates the effort and dedication to combining AI technologies with its framework, establishing a new standard in the capabilities of blockchain technology.

Moreover, Internet Computer AI is also labeled as the third-generation blockchain and is currently working to rejuvenate smart contracts AI models. The optimization also incorporates the addition of Single Instruction and Multiple Data instruction (SIMD).  

The code for this innovative AI development has yet to be released to the public, with plans being worked out for its release. It could usher in a future where transactions can use more computational power. Additionally, The Internet Computer network now allows developers to create AI-powered applications.  

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ICP Price Trend

Most technical indicators signal strong bullish momentum for ICP. At the time of writing, $ICP is trading at $19.10 with a gain of 14.04% in 24 hours, with the bulls maintaining the price above the $17.50 support level.  The market cap is $8.8 billion, with a 24-hour trading volume of $674 million.

Internet Computer USD (ICP-USD)
Internet Computer (COIN: $ICP)

Should You Buy Internet Computer (ICP)?

Internet Computer’s recent development, combining AI and blockchain technologies, has gotten the attention of investors. The ICP token has surged significantly by over 500% in the past six months, fueled by AI development and major advancements, reaching 3 billion blocks as network activity rises. 

All signals indicate that ICP is a great project to invest in the long term. However, it is important to keep an eye on the latest developments in the project.

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