Akash Network Leads AI Tokens with 12% Surge

Akash Network, a leading AI token, experienced a surge of 12% on Thursday, outperforming many other cryptocurrencies in the market. The cryptocurrency, ranked second behind Book of Meme (BOME) as the top gainer, traded to highs of $3.45, showcasing its strength in the market.

While BOME led the top 100 gainers by market cap with a 24-hour gain of over 14%, AKT stood out among AI and Big Data cryptocurrencies, with only Render (RNDR) and The Graph (GRT) also showing positive movement. On the other hand, SingularityNET, Fetch.ai, and Ocean Protocol, which are set for a merger under the Artificial Superintelligence Alliance (ASI), were all experiencing a decline of more than 10% at the time of writing.

Despite reaching an all-time high of $8.07 in April 2021, AKT peaked at $6.22 in the current market cycle on March 10, 2024. A surge in April, following the listing on Upbit, saw AKT breaking above $6.03 before retracing some gains.

The positive momentum around Akash Network can be attributed to several factors, including the recent announcement that Crypto.com now supports AKT staking with rewards of up to 19%. Additionally, a collaboration with Flock, a platform for decentralized training of AI models, has further boosted confidence in the project. Through FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to the training of models for on-chain rewards. Users can also contribute data and computing resources to earn AKT.

Furthermore, the RenAIssance Hackathon, offering rewards in AKT, USDC, and the native FLock token FML, has attracted participants looking to showcase their skills in AI and blockchain technology. The top three models in the hackathon stand to win significant rewards, with the winner receiving 400 USDC and $400 worth of AKT, the runner-up getting 300 USDC and $300 worth of AKT, and the third-place model earning 200 USDC and $200 in AKT. Validators also have the opportunity to win rewards in USDC and AKT.

Overall, Akash Network’s recent surge and positive developments indicate a growing interest in AI and blockchain technology, positioning the cryptocurrency as a key player in the market. Investors and enthusiasts alike are closely watching the project’s progress as it continues to innovate and expand its ecosystem.