Akash Network's AKT Coin Surges Over 1,200% in 2023, Boosted by Positive Developments

Akash Network's AKT coin surged over 1,200% in 2023. Its price skyrocketed due to significant announcements, including a mainnet upgrade, a partnership with USDC, and the acquisition of the Cloudmos protocol. Akash Network is a cloud computing platform that allows users to buy and sell computing resources. TheAKT token is used for transactions and voting on network changes. Various price predictions for AKT exist, with some projecting it could reach $16.32 by 2025. As with any crypto asset, it's crucial to conduct thorough research and understand that price predictions can be highly volatile and subject to change.

Akash Network's AKT Coin Surges over 1,200% in 2023, Fuelled by a Wave of Positive Developments

Akash Network's AKT coin has emerged as one of the most remarkable success stories in the cryptocurrency landscape in recent times. The cloud computing platform's native token experienced an astonishing ascent of over tenfold during the course of 2023, captivating the attention of investors and crypto enthusiasts alike.

A series of strategic announcements played a pivotal role in propelling Akash Network to the forefront of the industry. The acquisition of the Cloudmos protocol by parent company Overclock Labs, alongside the decision to make its code open-source, heralded a major milestone for the platform. Furthermore, the successful hosting of a hackathon and the integration of the USD Coin (USDC) stablecoin further fueled AKT's upward momentum.

The platform also announced plans to upgrade its mainnet, a move that was met with widespread optimism. As a result of these positive developments, AKT's value surged by more than 1,200% in 2023. The listing of AKT on the South Korean Upbit exchange in April 2024 further propelled its value, with the token reaching a peak of approximately $5.07.

Akash Network Coin Price Predictions: Optimistic Outlook for the Future

As of April 24, 2024, a multitude of Akash Network price predictions emerged, offering insights into the potential trajectory of the token's value. It is crucial to recognize that price forecasts, particularly in the volatile realm of cryptocurrency, can often be subject to inaccuracies. Additionally, long-term price projections are frequently generated using algorithms, rendering them susceptible to change at any given moment.

2024

• Prediction #1: $11.13
• Prediction #2: $6.03
• Prediction #3: $12.95

2025

• Prediction #1: $13.00
• Prediction #2: $9.30
• Prediction #3: $16.32

2030

• Prediction #1: $37.94
• Prediction #2: $62.11
• Prediction #3: $35.09

Google's Gemini AI platform cautiously ventured a price prediction for Akash Network as of April 24, acknowledging the inherent challenges of predicting the precise future value of any asset, including cryptocurrency. It emphasized that AI price predictions are based on historical performance and cannot be considered definitive.

Short Term (Next three months)

• Expected price: $4.64

• Factors to Consider:

  • Market sentiment
  • Developments on the Akash Network
  • Regulatory changes

Medium Term (Next six months)

• Expected price: $15.48

• Factors to Consider:

  • Overall market trends
  • Akash Network developments
  • Regulatory changes

Long Term (Next five years)

• Expected price: $26.03

• Factors to Consider:

  • Overall cryptocurrency market trends
  • Adoption and development of Akash Network
  • Regulatory landscape

Recent Updates from Akash Network

On April 24, 2024, Akash Network announced the official launch of support for Akash GPUs by Brev.dev. Brev's mission is to simplify the development process of leading open-source AI models and their deployment on GPUs in the cloud. The news followed closely on the heels of the platform's announcement of its inaugural Akash Network summit and its listing on a South Korean exchange in April.

AKT Price History: A Rollercoaster Ride

The history of Akash Network's AKT coin is a testament to the volatility and potential rewards of the cryptocurrency market. AKT made its debut in October 2020 at a modest price of approximately $0.40. It embarked on a gradual but steady upward trajectory, surpassing the $1 mark in January 2021.

The coin then soared as the overall cryptocurrency market experienced a period of exuberance, reaching an all-time high of $8.08 on April 6, 2021. However, AKT's ascent was followed by a period of decline, dipping below $3 in July before recovering to over $5 in September. It closed 2021 at $1.79.

The year 2022 proved to be challenging for Akash Network, echoing the broader downturn in the cryptocurrency market. AKT's value fell below $1 following the collapse of the Terra (LUNA) blockchain in May. Although it hinted at a potential recovery, the FTX (FTT) exchange's collapse in November sent shockwaves through the market, driving AKT to an all-time low of $0.1672. Despite a slight recovery, the coin closed the year at $0.1846, marking an annual loss of nearly 90%.

AKT's Resurgence in 2023 and 2024

Akash Network experienced a significant resurgence in 2023, mirroring the broader recovery in the cryptocurrency market. AKT rose above $0.50 in February and continued to climb, breaking past $6 in late May.

News of the Securities and Exchange Commission (SEC) suing Binance and Coinbase in June shook the market, leading to a drop in AKT's value to $0.463 on June 15. AKT subsequently regained some ground, hovering around $6 for much of the following two months.

August proved to be a game-changer for AKT. The combination of proposed mainnet upgrades, the integration of USDC, and the opening up of Cloudmos drove the price upward. AKT jumped from $0.6016 to $0.7452 on August 8, a daily increase of nearly 25%.

The positive momentum continued with AKT surpassing $1 for the first time since April 2022 on August 11. The coin hit a high of $1.72 on August 20 and closed the year at $2.44, representing an annual gain of more than 1,200%.

AKT's upward trajectory continued in 2024, with the coin reaching a value of approximately $5.07 on April 24. At that time, the total circulating supply of 234.5 million AKT gave Akash Network a market capitalization of around $807 million, solidifying its position as the 88th-largest cryptocurrency by market cap.

Akash Network Price Analysis: Bullish Outlook with Potential Consolidation

AKT's price reached a high of over $6 in March, followed by a decline of more than 50%. On April 13, it dropped to a low of $3 but initiated a parabolic surge, revisiting its peak on April 23 with a 70% spike, even surpassing $6.80.

AKT's subsequent drop to $4.80 on the same day, leaving a large wick on the four-hour chart, suggests the likelihood of a consolidation phase around $5.

The high in March represents the third wave of five, with the subsequent drop constituting its corrective fourth wave. This places the rise from April 13 as the final wave, which may feature one more upward push before completion.

The current consolidation is expected to develop as a lower-degree wave four, which will remain the primary count unless the price falls below $4.20. The four-hour Relative Strength Index indicates further upside potential before the price becomes overbought.

The next target is anticipated to be the $7.50 area, marking the potential completion of the extended uptrend that commenced in mid-April 2023.

Investment Considerations

The decision of whether to invest in Akash Network (AKT) is a complex one, as the coin's price has experienced significant volatility in the past. However, it is important to note the positive developments that have contributed to AKT's recent price surge, including new partnerships and technological advancements.

As with all cryptocurrency investments, conducting thorough research and understanding the inherent risks associated with the market is crucial. The amount invested should not exceed one's financial capacity for loss.

Akash Network Founders and Token Distribution

Akash Network was founded in March 2018 by Overclock Labs, a software development company established by Greg Osuri and Adam Bozanich.

As of April 24, 2024, no single wallet held more than 0% of the AKT supply, indicating a relatively dispersed distribution of tokens.

Akash Network's Mission and Technology

Akash Network is a decentralized, competitive cloud infrastructure network that allows users to buy and sell computing resources on the cloud, eliminating the need for data storage.

The platform utilizes a Proof-of-Stake (PoS) consensus mechanism, empowering holders to verify transactions and add blocks to the blockchain based on the amount of AKT they possess.

Akash Network's storage applications, referred to as containers, are leased to tenants, while providers offer storage space. AKT serves as the currency for transactions on the network, and holders have voting rights on platform changes.