Internet Computer draws developer frenzy, social attention- Here's why

Internet Computer has attracted a surge in developer activity and social media attention.
However, its volume and price performance have been less impressive, with a decline in trading volume and gains.

Internet Computer [ICP] is a relatively new cryptocurrency making waves in the market. Since its release, it has piqued the curiosity of both traders and investors. Nonetheless, examining its significant metrics can provide a glimpse into its performance thus far.

Read Internet Computer (ICP) Price Prediction 2023-24

Developers count spikes on Internet Computer

According to Santiment’s data, the number of developers working on the Internet Computer (ICP) has steadily increased over the past three years. The chart depicting the developer count clearly showed a surge with the current count at five and a total of 44.92.

Additionally, there had been a rise in developer activity, despite a brief decline in December. The upward trend continued as of this writing and it was around 403. The numbers indicate that a large community of developers is actively working on the project.

Internet Computer dev count and dev activity

Source: Santiment

Internet Computer is a protocol built on a blockchain that offers a decentralized, scalable, and interoperable platform for creating and operating smart contract applications.

Its native token, ICP, serves multiple purposes, including staking, governance, and payment of transaction fees.

The Internet Computer chatter

Moreover, the Internet Computer has been creating a buzz, which is evident in its social volume. ICP has been gaining significant traction on social media platforms, particularly Twitter.

As of press time, its social volume surpassed 70, indicating a substantial amount of discussion surrounding ICP.

Source: Santiment

Price and volume are not as impressive

A closer examination of the volume metric indicated that it had not performed as impressively as other metrics. The chart depicting the volume showed a decline compared to the figures from 2022. The volume was about 20.1 million at press time.

Source: Santiment

Is your portfolio green? Check out the Internet Computer Profit Calculator

On a daily timeframe, ICP displayed significant gains from January to February, exceeding 100%. However, it subsequently suffered a downturn that resulted in a loss of over 30% of its initial gains. ICP was trading at about $4.95, representing a gain of roughly 1%, as of this writing.