28 Jun 2024 Samantha McLauren
Akash Network (AKT) Surges, Gaining A Lead Among The AI Tokens In Price Increase
It turns out that bulls are becoming more and more aggressive toward AI cryptos, while the overall crypto market remains stagnant.
The price of Akash Network (AKT), skyrocketed almost 19% on June 28th, placing it second among the top gainers, after Book of Meme (BOME), despite the overall crypto market sentiment remaining with a sideways price action.
Source: Coinmarketcap
AKT traded to highs of $3.77, while BOME leads the top 100 gainers by market value with a gain of almost 14% in a single day. Out of all the top AI and Big Data cryptocurrencies, only Render (RNDR) and The Graph (GRT) were in the green. The AI-related token led the other coins in this category.
At the time of writing, SingularityNET, Fetch.ai, and Ocean Protocol—all slated for merger under the Artificial Superintelligence Alliance (ASI)—were all down more than 10%.
On March 10, 2024, the cryptocurrency reached its highest point in the current market cycle, which was $6.22. AKT broke above $6.03 during a spike in April following Upbit's debut, although it later pared gains.
Despite the fact that the entire cryptocurrency market was only up 1% to $2.29 trillion, Akash Network's double-digit growth seemed to defy this.
In addition to the news that Crypto.com will now pay out up to 19% in rewards for AKT staking, another significant network-related event may have contributed to the positive sentiment surrounding Akash Network.
The Akash team announced a partnership with Flock, a decentralized AI model training platform, on June 25.
Holders of AKT can engage in an open and cooperative ecosystem through FLock.io, helping to train models in exchange for on-chain rewards. In order to receive AKT, users can also donate data and other computing resources.
Reward currencies for the RenAIssance Hackathon are AKT, USDC, and native FLock token FML. The top three models in the hackathon will receive 400 USDC and $400 AKT for the winner; the runner-up will receive 300 USDC and $300 AKT, and the third-place model will receive 200 USDC and $200 AKT.
In addition, participants can gain $200 USDC and $200 AKT by becoming winning validators.
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