AKT Skyrockets: Upbit Listing, AI Summit Ahead

Akash Network, a decentralized cloud computing platform, has recently experienced a notable surge in the value of its native token AKT, which soared to nearly $7 following its listing on the South Korean exchange Upbit. This surge represents an impressive increase of over 50% within just 24 hours, a significant jump from its relatively stable trading price of around $4 over the preceding week. Upbit, widely recognized as South Korea’s largest cryptocurrency exchange by trading volume, facilitated the listing of AKT. According to data obtained from Messari, AKT currently boasts a market capitalization of $1.45 billion.

Built on the Cosmos blockchain using the Cosmos software development kit (SDK), Akash Network operates as an open network that provides a marketplace for the buying and selling of computing resources. Its platform facilitates connections between server owners seeking computing power to host applications and providers of cloud computing resources.

In addition to its listing on Upbit, Akash Network made headlines with the announcement of its upcoming ‘Akash summit’ scheduled for May. This summit is set to place a particular emphasis on the decentralized artificial intelligence (AI) space, showcasing the platform’s commitment to advancing innovative technologies.

These developments underscore Akash Network’s alignment with the broader ‘DePIN’ narrative, which has recently garnered substantial interest from venture capitalists. Anand Iyer, founder of Canonical Crypto, an early-stage VC firm, emphasized the growing utility of decentralized hardware in meeting the escalating computational demands of AI applications. Iyer highlighted companies like Akash Network and Ritual as leaders in this domain, foreseeing a trend of increasing utilization of decentralized networks for non-crypto use cases. This perspective reflects a broader recognition within the industry of the potential for decentralized infrastructure to address diverse computational needs beyond traditional cryptocurrency applications.

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