With its $15 billion valuation, Twitter is the runaway leader in social media and the world’s biggest online social network.

But according to analysts at Bespoke Investment Group, the social network’s market cap could be more than double its valuation.

With an estimated $5 billion market cap, the firm believes that the social networking service’s valuation will reach $60 billion by 2020.

“The next wave of social networks is coming, and it’s going to be a massive explosion,” said John Schulman, a Bespok analyst.

“We think that this is a very strong stock.”

Schulman noted that Twitter is an excellent example of how an investment fund can outperform its peers by far.

“If you’re investing in Twitter, there are no surprises in the valuation,” Schulmen said.

“There are no issues with Twitter’s performance, its value, its growth and its future.”

The company’s valuation could be much higher, however, given the rapid growth of social media since it launched its first service in 2009.

The social network grew to 1.6 billion active users in the second quarter of 2016, up more than 150% from the first quarter.

Twitter recently raised another $2 billion from Goldman Sachs to expand its network of more than 400 million users.

“Social media is still a nascent space, but it’s definitely in the right place,” Schultman said.

In addition to Twitter, Bespokes estimates that there are roughly 100 other social media services on the market, including Pinterest, Facebook, Instagram, Vine and Tumblr.

The investment firm believes the next wave will include new platforms that offer content, services, and advertising to help social networks compete in the online marketplace.

“We expect these social networks to become more important as the Internet becomes more and more popular and as consumers have access to more content,” Schuldman said, adding that they may become the new platforms for businesses.

Bespoke expects social networks will grow to $3.8 trillion in value by 2020, according to its research.

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