Akash Network's AKT Token Skyrockets After Upbit Listing

Akash Network (AKT), a decentralized cloud computing platform, surged to nearly $7 after being listed on the South Korean exchange Upbit. AKT's market capitalization reached $1.45 billion, with a significant 50% rise over the past 24 hours. Akash, built on the Cosmos SDK, facilitates resource trading between server owners and cloud computing users. The network's upcoming "Akash Summit" in May will focus on decentralized artificial intelligence (AAI), aligning with the emerging "DePIN" narrative that has drawn VC interest.

Akash Network's AKT Token Surges on Upbit Listing

Akash Network, a prominent decentralized cloud computing platform, witnessed a significant upward trajectory in the value of its native token, AKT, reaching close to $7 on Tuesday. This surge followed the token's debut on Upbit, the largest cryptocurrency exchange in South Korea by trading volume.

AKT's value experienced a remarkable increase of over 50% within a 24-hour period, surpassing its previous stable trading range of approximately $4 over the preceding week. According to data from Messari, AKT currently boasts a market capitalization of $1.45 billion.

Akash Network was developed utilizing the Cosmos software development kit (SDK) and operates on the Cosmos blockchain. It serves as an open network that facilitates the trading of computing resources through its integrated marketplace. The platform connects owners of servers who possess surplus computing power with cloud computing resources required by those seeking to host applications.

In addition to its recent token surge, Akash Network announced its forthcoming "Akash Summit" on Monday, scheduled to take place in May. This summit will concentrate on developments and trends within the decentralized artificial intelligence (AAI) sector.

Akash Network aligns with the broader "DePIN" (Decentralized Peer-to-Peer Interconnected Networks) narrative, which has captured the keen interest of venture capitalists. Anand Iyer, founder of Canonical Crypto, an early stage venture capital firm, shared with CoinDesk his view that the true utility of decentralized hardware is materializing as the computational demands of AI applications escalate.

"Organizations and protocols such as Akash Network and Ritual are spearheading this transformation, and we anticipate increasing adoption of decentralized networks for non-crypto-related use cases," Iyer remarked.

Akash Network's AKT token is set to continue gaining traction as the platform solidifies its position within the decentralized cloud computing landscape and the AAI ecosystem. The upcoming Akash Summit promises to further bolster the network's momentum and drive innovation in the decentralized computing space.