Cryptocurrency is always a buzz word. It is full of excitement. Lately, a decentralized cloud computing project named Akash Network (AKT) is making waves and has caught attention with its 44% skyrocketing on May 2nd, following its mainnet upgrade.
AKT traded around $4.00 before the upgrade. The figure has now climbed to $5.76 and this is a significant leap. Moreover, a 35% increase was witnessed in the past week. The rise is of course notable and the cryptocurrency is currently ranked 73rd by market cap.
Let us elaborate about Akash Network. It is a decentralized cloud platform and supports various applications including decentralized finance (DeFi), machine learning, blockchains and artificial intelligence (AI). This means it offers a new way for the technologies to operate efficiently and securely.
The recent so called Mainnet 11 upgrade has enhanced how the network is managed as well as tracked. Deploying applications on the network became simple. The improvement is considered as key to making the platform more effective as well as more user-friendly.
Akash Network also witnessed an impressive ecosystem growth in the first quarter of 2024. The generated revenue was more than $140,000.
However, it is to take a note here that AKT is still below its all-time high of $8.07. The peak was witnessed in April 2021. This means there is more room for growth. This means it has the potential to grow further in the future.
The rise of AKT reflects broader trends in the world of cryptocurrency. The project is definitely innovative and can solve real-world problems. Decentralized cloud computing is an area ripe for disruption. The recent performance of the project highlights its potential impact.
