As a seasoned crypto investor with a keen interest in decentralized technologies, I find the meteoric rise of Akash Network’s native token, AKT, truly captivating. With a staggering 2400% year-to-date price increase, it has outperformed many of the top 100 cryptocurrencies in the market.
Akash Network, a decentralized and open-source computing platform, has gained considerable buzz in the cryptocurrency sphere. Notably, its native token, AKT, has demonstrated impressive growth, surging by over 2400% in value since the beginning of the year.
As Bitcoin (BTC) and other significant cryptocurrencies undergo price adjustments, the Akash Network and its associated token are witnessing an extraordinary growth spurt. To grasp the reasons behind this upward trend, it’s essential to explore in greater depth what the Akash Network signifies and the technology that powers it.
What Is The Akash Network?
In March 2018, Overclock Labs established the Akash Network with the goal of creating a decentralized marketplace for distributed cloud computing. Initially intending to develop a conventional multi-cloud deployment platform, they opted instead to introduce Akash.
In simpler terms, the Akash network acts as a bridge between individuals who possess excess computing power and those looking to rent it for hosting applications, with Messari explaining that this exchange takes place via the Akash Marketplace where resources are bought and sold.
As a blockchain analyst, I’d describe the foundation of Akash Network in this way: At the heart of Akash Network is our robust blockchain named Akash. This blockchain is constructed using the Cosmos Software Development Kit (SDK) and relies on Tendermint’s consensus mechanism for its secure and efficient operations.
As a researcher studying the advancements of Akash Mainnet since its September 2020 inception, I’ve observed several significant upgrades that have expanded the network’s capabilities. Among these enhancements are:
As an analyst, I’ve observed that subsequent upgrades have enriched the platform with several new features. Persistent storage was added for data retention, authorized spending was introduced to enhance security, an inflation decay curve was implemented to manage supply dynamics, and fractional uAKT was integrated to minimize deployment costs. Furthermore, IP leases were provided for network customization, provider service splits were enabled for improved flexibility, the Cosmos IBC3 update was incorporated for interoperability, and Interchain Accounts (ICA) were implemented to simplify account management.
Messari highlights that the latest enhancements have significantly boosted Akash’s presence in the cloud computing and artificial intelligence (AI) sector. With Mainnet 6, Akash has become an open-source platform for acquiring high-performance GPUs and a distributed cloud catering to large language models (LLM), offering stable payment support.
With this update, Overclock Labs introduced Akash ML, a cloud platform for AI developers, featuring GPU on-demand instances. Their goal is to expand this offering and grant on-call access in the future.
Following enhancements primarily addressed three aspects: setting minimal fees for validators, enhancing GPU monitoring, and guaranteeing confirmed bids in multi-service implementations.
AKT Token Breaks Key Trendline
The price of Akash Network’s native token, AKT, has experienced a substantial increase of 15.63% over the last 24 hours, raising its value in the market to $5.64.
As a researcher studying the price movements of AKT, I’ve identified an important sign of progress: the token has managed to climb above the diagonal trendline in the 4-hour chart. This significant milestone indicates a potential shift from the previous downtrend and opens up possibilities for increased bullish sentiment in the market for AKT.
Going ahead, AKT intends to hold the $5.095 mark from the previous week as a vital support point. This level is essential for AKT to stabilize its recent progress and strengthen its presence in the market.
In summary, the price increase of AKT can be attributed to several factors. The success of the Akash Network’s underlying technology and its value proposition in the decentralized cloud computing space contribute to the positive sentiment surrounding the token. As the network gains recognition and attracts users, demand for AKT may increase, resulting in upward pressure on the price.
Furthermore, cracking the diagonal trendline could indicate a change in market conditions, as this event might be perceived as a bullish sign by investors. Consequently, heightened buying activity could ensue, potentially causing prices to escalate even more.
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2024-05-11 05:10