Why The Akash Network (AKT) emerged as one of the best performers in cryptocurrencies in the past 24 hours

 

The Akash Network token experienced a major price recovery in the past 24 hours leading up to Sunday. During this period, AKT went from a $2.52 low to a $3.00 high, signifying almost 19% price action. As of 5:00 AM UTC, AKT settled with almost 16% gain in a day at the $2.90 range.

Zooming out the charts to the seven-day frame revealed AKT rebounding by more than 18%. It remained 16% down in the one-month bracket, but it has risen by over 191% across the one-year span.

Highlights

The recent price movement of Akash led to the market cap of its 247.81 million tokens surging to around $729.67 million. Interestingly, its trading volume also peaked at $345% as $28.85 million worth of the cryptocurrency moved between addresses within the day.

AKT reached its all-time high of $8.08 in April 2021. At current prices, it still needs to increase by 63% in value to match its record peak.

The Rise of DePINs

Notwithstanding AKT’s short-term price fluctuations as of late, investors have a long-term bullish sentiment on the Akash Network. This is due to this year being marked as a turning point in decentralized physical infrastructure networks (DePINs).

DePINs

Basically, the DePIN platform paves the way for new infrastructure organization. It provides a decentralized ecosystem for data storage by distributing it via nodes of storage points within a blockchain. In addition, it offers a tokenized approach to reward the creation of fully decentralized infrastructures.

According to Hugo Feiler, a Forbes Councils Member, DePINs are still in their infancy. However, they have the potential to transform the digital and physical spaces in the next five years.

DePINs possess a lot of advantages in data management and accessibility, as pointed out by a recent study by the University of Zürich’s Communication Systems Group and Acurast Association. The group found that the decentralized platform has the potential to bring out enhanced performance, power efficiency, and better security in complex and intensive computing tasks.

The Akash protocol ties up perfectly in this narrative due to its focus on DePIN projects. The market cap of DePIN coins currently sits at $18.76 billion, with a huge potential to further rise in the following years.

AI and Akash

The trend involving artificial intelligence tends to overshadow many crypto projects. However, the same does not hold true for AI-related tokens.

AI in education

Image Source: iStock

Akash may not be directly tied to AI, but its marketplace piggybacks on the hype. Big AI projects mainly require huge computing power to operate. Again, the challenges created by this demand are where the solutions offered by Akash come in handy.

According to Greg Osuri, the founder of Akash Network, one of its ecosystem’s key features is its ability to provide on-demand, high-density GPUs at a fraction of the cost. It can also deploy service in a matter of seconds.

In a way, this fact establishes a symbiotic relationship between AI and Akash.