A decentralized cloud computing altcoin is taking off after Korea’s largest crypto exchange announced support for the digital asset.
Akash Network (AKT) soared from a low of $4 to a high of $6.74 on Tuesday, an increase of over 68% after crypto exchange Upbit announced support.
At the time of writing, AKT has fallen slightly to $5.30 and sits at a market cap of $1.2 billion.
Akash Network is a decentralized open-source cloud network that supports decentralized finance (DeFi) applications and organizations, as well as machine learning, blockchains and AI.
Last month, AKT was listed for trading on the main US cryptocurrency exchange Coinbase, after being placed on the platform’s listing roadmap in February.
The project’s developer team announced Monday a summit in Austin, Texas on May 28.
“Get ready for Akash Accelerate ’24. This will be the first all-day Akash Summit, bringing together the entire community for a packed agenda of presentations and panels from the brightest minds in the decentralized AI space.”
Akash was built using the Cosmos (ATOM) software development kit (SDK) and deployed on the Cosmos blockchain. Akash aims to serve as a decentralized cloud computing marketplace by pooling unused computing power and reallocating it to customers who need it.
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Featured image: Shutterstock/Peshkova