The Akash Network Revolution: Analyzing Its 2400% Surge And Market Outperformance
Unveiling a decentralized and open-source computing platform, Akash Network has made waves in the cryptocurrency market with its native token, AKT, skyrocketing by 2400% this year.
Despite Bitcoin (BTC) and other prominent cryptocurrencies facing price corrections, the Akash Network and its native token are experiencing an extraordinary uptrend. To comprehend the driving factors behind this surge, it is crucial to delve deeper into what the Akash Network entails and its underlying technology.
Understanding the Akash Network:
Overclock Labs founded the Akash Network in March 2018 with the objective of decentralizing cloud computing. Originally focused on constructing a traditional multi-cloud deployment platform, Overclock Labs made the decision to launch Akash.
According to Messari, the network serves as a facilitator between server owners who require computing power to host applications and users who offer cloud computing resources through the Akash Marketplace, a platform where computing resources are bought and sold.
At the heart of the Akash Network lies its blockchain infrastructure, known as Akash, which is constructed using the Cosmos SDK and relies on the Tendermint consensus mechanism.
Looking ahead, AKT’s primary focus is maintaining the recent high of $5.095 as a crucial support level. By sustaining this level, the token aims to solidify its recent gains and establish a strong position in the market.
In summary, the surge in AKT’s price can be attributed to various factors. The success of the Akash Network’s underlying technology and its value proposition in the decentralized cloud computing space contribute to the positive sentiment surrounding the token. As the network garners recognition and attracts users, demand for AKT is likely to increase, exerting upward pressure on the price.
Furthermore, the successful breakout of the diagonal trend line signifies a potential shift in market dynamics, as investors may interpret it as a bullish signal, leading to heightened buying activity and further price appreciation.