Akash Network’s AKT Token Soars: What You Need To Know
If you’ve been keeping an eye on the crypto market, you may have noticed that the Akash Network’s native token, AKT, has been on a tear, outperforming the top 100 cryptocurrencies with an astonishing 2400% price surge since the beginning of the year. While other major cryptocurrencies like Bitcoin are experiencing price corrections, AKT is on a steady upward trajectory. So, what’s driving this impressive performance, and why should you pay attention to the Akash Network?
What Is The Akash Network?
The Akash Network, established in March 2018 by Overclock Labs, is a decentralized cloud computing platform that aims to revolutionize the way cloud computing is done. Originally focused on creating a multi-cloud deployment platform, Overclock Labs pivoted to launch Akash.
- Akash Network acts as a distributed cloud computing marketplace connecting server owners needing computing power with users offering cloud resources on the Akash Marketplace.
- The network is built on the Cosmos SDK and utilizes the Tendermint consensus mechanism.
Since its mainnet launch in September 2020, Akash Network has undergone significant upgrades to enhance its capabilities, including introducing the Akash Marketplace, flexible bid pricing, and compatibility with Inter-Blockchain Communication (IBC).
Recent Upgrades And Features
The recent upgrades to the Akash Network have made it a key player in cloud computing and AI development:
- Mainnet 6 introduced support for GPUs and stable payments, positioning Akash as a marketplace for high-density GPUs and a distributed cloud for large language models (LLM).
- Overclock Labs launched Akash ML, a cloud infrastructure offering AI developers GPU spot instances with plans for on-demand access in the future.
- Other upgrades focused on enforcing validator commissions, improving GPU visibility, and ensuring validated bids on multi-service deployments.
AKT Token Price Action
When it comes to price action, AKT has been making waves with its recent breakout:
- AKT saw a 15.63% surge in the past 24 hours, reaching a trading value of $5.64.
- The token broke a diagonal trendline in the 4-hour timeframe, signaling a potential reversal of its previous downward trend and hinting at bullish market sentiment.
- The successful break of the trendline could attract more investors, leading to increased demand for AKT and further price appreciation.
So, as the Akash Network continues to gain traction in the market and with ongoing developments, it’s worth keeping an eye on AKT and its potential for further growth.
Hot Take: Conclusion for Crypto Enthusiasts
With the Akash Network’s AKT token making significant gains and showcasing strong performance in the market, crypto enthusiasts should pay attention to the innovative decentralized cloud computing platform. Keep an eye on further developments and upgrades within the Akash ecosystem for potential investment opportunities. By understanding the underlying technology and market dynamics, you can position yourself to make informed decisions in the ever-evolving crypto landscape.
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