Recently, Akash Network has become succeeded in the cryptocurrency world. The value of its AKT coin increased in August 2023. Akash Network is attracting attention with a staggering 1500% increase. The cryptocurrency space is abuzz and AKT is gaining unprecedented attention.
Akash Network stands out as a secure, transparent and decentralized cloud computing marketplace that connects those in need of computing resources with those who have unused computing capacity available for rent. Akash Supercloud, the platform’s flagship offering, presents a faster, more efficient and cost-effective alternative to traditional cloud service providers.
Akash Supercloud allows people with extra computing power on their computers to become cloud providers. This is achieved through a secure and fluid marketplace where users can offer their unused computing cycles.
Akash Network’s native token is AKT. This token plays a crucial role in the network’s functionality as it serves as a staking mechanism to secure the network and standardize computing prices during market auctions. To maintain a high level of automated signing infrastructure, a limited set of validators is required, initially 64. Validators charge delegates a fee in AKT as part of the operational dynamics of the network.
How Has the Price of AKT Evolved in Recent Days?
Currently, Akash Network price is $2.98, with a 24-hour trading volume of $3.79 million. Akash Network’s market capitalization is $671.12 million and its market dominance is 0.04%. In the last 24 hours, the AKT price increased by 4.19%.
Akash Network’s circulating supply is 225.21 million AKT out of a maximum supply of 388.54 million AKT. The current annual supply inflation rate is 97.79%, which resulted in the creation of 111.35 million AKT in the last year. In terms of market capitalization, Akash Network is currently ranked 17th in the Proof-of-Stake Coin sector and is ranked 6th in the AI Cryptocurrency sector.
Why Is the AKT Price Rising?
Akash Network has seen substantial growth in recent times, driven by a series of strategic moves that have propelled AKT to a remarkable increase of over 1,200% in the previous year.
The Fidelity Center for Applied Technology has recognized the structural advantages that projects like Akash and other Decentralized Public Infrastructure (DePIN) initiatives can offer over traditional ones. Akash’s role in this context demonstrates the growing influence of decentralized platforms in reshaping and optimizing existing infrastructures, attracting the attention and validation of established institutions such as the Fidelity Center for Applied Technology.
Can AKT Price Reach $15 in 2024?
In 2023, AKT showed an increase of 1121%, which positions it among the highest performing assets. The token’s current position above the 200-day simple moving average further underlines its positive trend.
Despite experiencing 15 green days in the last 30 days, representing 50% of the period, AKT remains -63% below its all-time high, indicating a recent correction.
AKT’s market liquidity is relatively low, as reflected by its market capitalization. Furthermore, the annual inflation rate of 97.79% suggests a substantial increase in the circulating supply of the token, a factor that investors may need to consider in their analysis.
The future outlook for Akash Network suggests a trading range between $2.75 and $5.25 in 2024. If the market performs favorably and AKT reaches the upper end of this price range, it could mark a substantial rise in almost 80%, reaching a value of $5.25.
This forecast provides potential information for investors and traders, indicating a possible range of movement for AKT in the coming year, with the upper limit representing a significant growth opportunity.
By Audy Castaneda
