Akash Network, a leading player in the decentralized cloud computing sector, has seen its native token, AKT, emerge as one of the top gainers among the top 100 cryptocurrencies,
At the time of writing, AKT is still up 9% in the last 24 hours, trading at around $4.48 per coin. In the same time frame, the token experienced a daily trading volume of $51.7 million, up 495%. The crypto asset’s market cap has also climbed to $1.07 billion, making it the 76th-largest cryptocurrency.
AKT 24-hour price chart | Source: CoinMarketCap
Despite the recent price rally, AKT is still down by 40% from its all-time high of $7.41 reached on April 8, 2021.
AKT’s price surge comes as Akash Network hosted its inaugural full-day summit, Akash Accelerate, focusing on the expansion of permissionless computing and decentralized AI (DeAI).
The event, held in Austin, TX, gathered hundreds of participants from across the decentralized computing space, spotlighting the network’s growth and its evolving ecosystem of projects, companies, and protocols.
The summit featured key collaborations and presentations that highlighted the capabilities and advantages of using Akash’s Supercloud for high-performance computing.
Prominent institutions like the University of Texas at Austin and leading AI companies such as Nous Research, Brev.dev, and Morpheus participated in the summit, discussing the practical applications of decentralized infrastructures.
The University of Texas at Austin, for example, is leveraging Akash’s decentralized infrastructure to provide researchers with access to high-performance GPUs, which are essential for cutting-edge research in AI, without the limitations and high costs associated with traditional cloud providers.
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Further, the event unveiled a roadmap for Akash’s development over the coming years, presented by CEO Greg Osuri.
His keynote addressed the strategic direction and anticipated enhancements to Akash’s platform, which are expected to further improve its infrastructure and solidify its position in the decentralized cloud market.
This announcement has likely contributed to the renewed investor interest and optimism surrounding AKT, as it showcases Akash’s commitment to scaling and improving its services.
AKT’s surge comes at a time when the global cryptocurrency market is experiencing a downturn, with a 3% drop bringing its market cap to $2.45 trillion.
Bitcoin, the pioneering cryptocurrency, has also experienced a similar drop, currently exchanging hands at $67,206.
Read more: Decentralized physical infrastructure networks (DePIN): where digital meets reality
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