Internet Computer (ICP) has managed to surpass meme coin Shiba Inu (SHIB) in market capitalization. As per the latest data from CoinMarketCap, ICP, the token of the project that is known for its unique approach to blockchain technology, has achieved a market cap of $6.63 billion, overtaking SHIB’s $6.22 billion.
A crypto comeback
Internet Computer, developed by the DFINITY Foundation, represents a novel blockchain protocol aimed at expanding the functionality and scalability of decentralized applications.
Unlike traditional blockchains, ICP operates on a unique model, leveraging a network of independent data centers to create a decentralized and efficient internet.
This infrastructure allows for high-speed and less costly transactions, setting it apart from its competitors.
The recent surge in ICP’s value, marked by a 62.38% increase over the past week, has once again shone the spotlight on the seemingly forgotten token.
In a New Year’s message, Dominic Williams, founder and chief Scientist of DFINITY, expressed gratitude to the ICP community and predicted a “comeback year” for crypto.
Chasing giants
ICP has recorded impressive gains, but it remains down a whopping 97% from its all-time high of $700, according to CoinGecko data. In May 2021, it briefly became the fifth-biggest cryptocurrency after being listed on Coinbase Pro.
To surpass the likes of Polkadot (DOT), TRON (TRX), Polygon (MATIC), Chainlink (LINK), and Toncoin (TON), ICP would need to continue its upward trajectory. These coins have market caps ranging from $8.06 billion to $11.18 billion.