Akash Network, a prominent figure in the realm of decentralized cloud computing, has witnessed its native token, AKT, rise to prominence as one of the top performers among the top 100 cryptocurrencies.
As of the latest update, AKT has seen a 9% increase in the past 24 hours, with a trading value of approximately $4.48 per coin. During this period, the token recorded a daily trading volume of $51.7 million, marking a remarkable 495% surge. The market capitalization of this crypto asset has also reached $1.07 billion, securing its position as the 76th-largest cryptocurrency.
Despite this recent surge in price, AKT remains 40% below its all-time high of $7.41 achieved on April 8, 2021.
The surge in AKT’s price coincides with the launch of Akash Network’s inaugural full-day summit, Akash Accelerate, which focused on the expansion of permissionless computing and decentralized AI (DeAI).
This event, held in Austin, Texas, brought together a diverse group of participants from the decentralized computing sector, highlighting the network’s growth and the evolving ecosystem of projects, companies, and protocols associated with it.
During the summit, significant collaborations and presentations underscored the advantages of utilizing Akash’s Supercloud for high-performance computing. Notable institutions like the University of Texas at Austin and leading AI firms such as Nous Research, Brev.dev, and Morpheus were among the participants, discussing the practical applications of decentralized infrastructures.
For instance, the University of Texas at Austin is utilizing Akash’s decentralized infrastructure to provide researchers with access to high-performance GPUs, crucial for cutting-edge AI research, while bypassing the limitations and high costs typically associated with traditional cloud providers.
Furthermore, the event unveiled a roadmap for Akash’s future development, as presented by CEO Greg Osuri. His keynote speech outlined the strategic vision and anticipated enhancements to Akash’s platform, aimed at further enhancing its infrastructure and consolidating its position in the decentralized cloud market.
This roadmap announcement has likely contributed to the renewed interest and optimism among investors regarding AKT, highlighting Akash’s dedication to scaling and enhancing its services.
The surge in AKT’s value comes at a time when the global cryptocurrency market is facing a downturn, with a 3% decrease bringing its market cap to $2.45 trillion. Bitcoin, the pioneering cryptocurrency, has also seen a similar decline, currently trading at $67,206.
For more insights into the convergence of digital and physical infrastructure networks, explore the concept of Decentralized Physical Infrastructure Networks (DePIN).