Akash Network's Token Sees Skyrocketing Surge

Rally in AKT Token

Akash Network, known for its decentralized cloud computing services, experienced a significant increase in the value of its AKT token, hitting nearly $7 on Tuesday. This surge comes on the heels of the token being listed on Upbit, South Korea's leading crypto exchange by volume. The AKT token soared, seeing an over 50% rise within a day, a stark contrast to its previous stable price around $4.

Market Position & Technology

The market capitalization of AKT has reached $1.45 billion, as reported by Messari. Built on the Cosmos blockchain using the Cosmos SDK, Akash Network is a part of the decentralized finance and cloud computing movement. It offers an innovate marketplace for buying and selling computing power, connecting those with server capabilities to users in need of hosting services for applications.

Industry Impact & Upcoming Summit

Akash Network has also made waves with the announcement of its 'Akash summit,' set to coincide with CoinDesk’s Consensus event in Austin, Texas, on May 28, with a particular focus on decentralized AI. Akash is at the forefront of the emerging 'DePIN' trend, attracting attention and investment from VCs like Canonical Crypto, which sees decentralized infrastructure as key to advancing the computational demands of AI technology.