Akash Network’s AKT Token Outperforms Top Cryptocurrencies with 2400% Price Surge

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In the volatile landscape of cryptocurrency, amidst the sporadic ebbs and flows of major currencies, an underdog descends. The Akash Network, with its native token AKT, has emerged as a nimble frontrunner in the race, significantly outperforming the top 100 cryptocurrencies with a staggering 2400% price increase year-to-date.

While heavyweights like Bitcoin undergo price corrections, the Akash Network’s nascent token has been sailing along a robust upward trend, causing a stir among enthusiasts and investors. To fully grasp the motor behind this phenomenal performance, one must dive headfirst into the depths of the Akash Network and the sophisticated technological framework driving it.

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Born from the visionary minds at Overclock Labs in March 2018, Akash Network surfaced as a innovative platform, a distributed marketplace to decentralize cloud computing. Initially focused on a traditional multi-cloud deployment platform, Overclock Labs made a pivot to give birth to – Akash.

According to market analysis by Messari, the network functions as a seamless conduit connecting server owners – requiring computing power to host applications – with users who proffer cloud computing resources. This elegant exchange of services and resources transpires in the Akash Marketplace, a digital bazaar where computing resources are bought and sold, ideologies shared and collaborations made.

The engine room of this enterprise, the Akash blockchain infrastructure, is built on the sturdy bedrock of the Cosmos SDK and dependent upon the Tendermint consensus mechanism. Since the successful launch of Akash Mainnet in September 2020, the network has witnessed significant upgrades amping its functionality. Think introduction of the Akash Marketplace, flexible bid pricing, Inter-Blockchain Communication (IBC) compatibility, deployment tools for enhanced user experience, audited attributes and Tendermint’s State Sync.

Further upgrades introduced features such as persistent storage, authorized spending, an inflation decay curve, fractional uAKT to abolish minimum cost deployment, IP leases, provider service splits, and a Cosmos IBC3 update.

With the most recent upgrades, Messari highlights Akash’s sturdy positioning as a dominant player in the fields of cloud computing and artificial intelligence development. Mainnet 6 has paved the way for GPUs support and stable payments, further fostering Akash’s reputation as an open-source marketplace for high-density GPUs and a distributed cloud for large language models.

Coupled with this launch, Overclock Labs unveiled Akash ML—a cloud infrastructure that offers AI developers GPU spot instances, with plans to offer on-demand access in the future.

Breaking down the price performance, the native token AKT has experienced an impressive surge of 15.63% over the last 24 hours, catapulting its trading value to $5.64—newsworthy indeed. The token’s breakthrough of a diagonal trendline in a 4-hour timeframe signals a possible departure from the previous downward trajectory, awakening the potential for enhanced bullish market sentiment for AKT.

The consensus among experts points to AKT’s role in sustaining the previous week’s high of $5.095 as a crucial support level. By sustaining this altitude, the token strives to consolidate its recent gains and fortify its foothold in the market.

Ultimately, the price ascension of AKT can be owed to a combination of factors, primarily, the triumphant execution of the Akash Network’s sophisticated technology and the marked value it brings to the realm of decentralized cloud computing. As the network garners recognition and pulls users, demand for AKT surges, inducing upward pressure on the price. The symbolic breaking of the diagonal trend line hints at a possible shift in market dynamics, potentially swaying investors towards a bullish bias, thereby intensifying buying activity and propelling further price appreciation.