Decentralized cloud computing firm Akash Network recently witnessed a significant surge in its AKT token value following its listing on South Korean exchange Upbit. The token soared by more than 50% within 24 hours, reaching nearly $7. This notable increase propelled AKT’s market capitalization to over $1 billion.
Akash Network operates as a cloud computing platform built on the Cosmos blockchain using the Cosmos software development kit (SDK). Through its open network, Akash facilitates the buying and selling of computing resources via its marketplace. This innovative approach connects server owners seeking computing power for hosting applications with available cloud computing resources.
The company’s listing on Upbit, South Korea’s largest cryptocurrency exchange by trading volume, further boosted AKT’s prominence in the market. As of now, AKT boasts a market capitalization of $1.45 billion, according to data from Messari.
In addition to its successful token listing, Akash Network unveiled plans for an upcoming event, the ‘Akash Summit,’ scheduled for May. This summit will place a particular emphasis on the decentralized artificial intelligence (AI) sector, highlighting Akash Network’s commitment to advancing innovation in this space.
Akash Network’s achievements align with the broader trend of decentralized hardware gaining traction, especially in response to the growing demand for AI computing resources. Venture capitalists, including Anand Iyer, founder of Canonical Crypto, acknowledge the significant utility of decentralized hardware in meeting the evolving needs of AI applications. Iyer noted that companies like Akash Network and Ritual are at the forefront of leveraging decentralized networks for non-crypto use cases, signaling a promising future for decentralized technologies beyond the realm of cryptocurrencies.
