Last year, the Shiba Inu became a sensation in the cryptocurrency world ( SHIB 1.11%). The meme token went viral in early Oct., shortly after Tesla CEO Elon Musk tweeted a photo of his cute Shiba Inu puppy, Floki. By doing so, Musk inadvertently aided the price rise of Shiba Inu. Despite plummeting by more than half from its late-October peak, Shiba Inu still returned over 42 million times in 2021.
The Shiba Inu meme token, on the other hand, has plummeted 75 percent from its high. Many investors are now looking for the next big earner like Shiba Inu as a result of this. Unfortunately, very few (if any) assets produce such spectacular gains in a century, much alone a single year. There are still several intriguing investment opportunities in the crypto market, though. For example, the Internet Computer (ICP 3.53%) is a blockchain project that aims to decentralize the internet and revolutionize cloud computing. And with ICP coins down 98 percent from their peak, this cryptocurrency may well produce enormous riches over the next 20 years.
The competitive edge
The Internet Computer’s most significant feature is Chain Key crypto, a consensus system that makes it scalable and quick. In reality, the blockchain can manage 11,500 TPS, with an ending time of one to two seconds. Ethereum, on the other hand, handles just thirteen TPS and can take up to six minutes to complete transactions. Furthermore, per year on the Internet Computer, data storage costs about five dollars per gigabyte, which is a lot cheaper than Ethereum’s $350 million price tag.
The case for big gains
The Dfinity Foundation which is the non-profit organization responsible for the Internet Computer has outlined a long-term plan that will culminate in an open internet that is larger than today’s closed ecosystems managed by big tech firms.In twenty years, Dfinity thinks that decentralized finance will have grown considerably larger than traditional finance, and the Internet Computer will run a significant part of the world’s information infrastructure, software systems, and services.
To give some perspective, Gartner predicts that cloud computing spending will reach $541 billion this year and $917 billion by the year 2025. If the Internet Computer is successful in its mission to replace big tech firms, it would capture the vast majority of that IT expenditure since enterprises would need to purchase ICP coins to run their software and services. And as a result, its value would rise.
How high will it climb? Nobody knows the future. When Ethereum was at its highest value, its market capitalization was $569 billion. If the Internet Computer, that now has a market value of $3.4 billion, were to achieve the same valuation, that would represent a 167-fold return on investment. Of course, this is purely speculative, and the price trajectory of ICP coins over the next twenty years will be determined by blockchain disruption in the existing IT environment. Given their huge potential reward, risk-tolerant investors should think about buying this cryptocurrency.
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