Tue, May 21, 2024

Akash Network’s AKT Rises 50% Post-Upbit Listing

13 Apps Removed -Trojan Crypto Wallet Scheme, akash

Quick Look:

  • Akash Network’s price rose from $4 to a peak of $7 following its listing on Upbit.
  •  From $1 billion to $1.45 billion, with a trading volume boost of 1560%.
  • Akash Network will host a decentralised AI summit in May, potentially boosting AKT further.

The Akash Network token (AKT) has witnessed a substantial 50% surge in value. The surge followed its recent listing on Upbit, one of South Korea’s largest crypto exchanges. The token remained a stable position at $4 for quite a while. Later, it escalated to a high of $7 before slightly retracting to $6.03 — a 48% increase. This listing has enhanced AKT’s liquidity. Besides, its visibility increased in the competitive cryptocurrency arena.

Akash Network Market Cap Hits $1.45 Billion, Up 45%

The listing of AKT on Upbit, which includes trading pairs with KRW, BTC, and USDT, has catalysed significant market activity. Post-listing, the market capitalisation of Akash Network increased from $1 billion to $1.45 billion, securing its position among the top 100 cryptocurrencies with a current ranking of 75. Moreover, the trading volume saw a remarkable increase of 1560%, with current volumes around $65 million. This fervent trading activity underscores the robust interest and optimism surrounding AKT.

RSI at 49, Social Media Interest Up 200%

The Relative Strength Index (RSI), a popular tool among traders to gauge securities’ momentum and price movements, marks AKT at 49. This indicates that the token is neither under nor overvalued, suggesting a balanced market reaction to its recent developments. Alongside, social media platforms like Reddit and Bitcointalk have seen a 200% spike in activity discussing AKT, reflecting a heightened community interest and engagement following the listing.

Akash Summit to Explore AI, Boosting AKT Interest

The Akash Network is poised to host the Akash summit in May, focusing on decentralised artificial intelligence (AI). The event is expected to boost interest in AKT as the network broadens its use cases beyond typical cryptocurrency applications. According to Anand Iyer from Canonical Crypto, companies and protocols like Akash Network are pioneering this trend, and he predicts that more organisations will adopt decentralised networks for purposes other than cryptocurrency.

Strategic Listings Propel AKT Amid Market Evolution

The cryptocurrency market continues to evolve with innovations and new use cases. The surge in AKT’s price and its ripple effects across the market highlights the critical role of strategic exchange listings in determining the visibility and valuation of digital assets. Furthermore, with the DePIN narrative gaining traction and high interest from venture capitalists, Akash Network seems well-positioned to capitalise on emerging opportunities in decentralised platforms.

As the market landscape evolves, AKT’s journey post-Upbit listing offers valuable insights into cryptocurrency valuations and investor sentiment dynamics, marking an intriguing chapter in the broader digital economy narrative.

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