Decentralized cloud altcoin skyrockets on major Korean exchange

A surge in value has been witnessed by a decentralized cloud computing altcoin subsequent to the announcement of its endorsement by Korea’s primary cryptocurrency exchange. Akash Network (AKT) experienced a notable spike on Tuesday, escalating from a low of $4 to a peak of $6.74, marking an impressive surge of over 68% following the declaration of support by the crypto exchange Upbit.

As per data retrieved from CoinGecko at the time of drafting, AKT has marginally retraced to $5.30 and currently commands a market capitalization of $1.2 billion. Functioning as a decentralized open-source cloud network, Akash Network facilitates decentralized finance (DeFi) applications and entities, alongside providing support for machine learning, blockchain technology, and artificial intelligence (AI).

In the preceding month, AKT gained entry for trading on the prestigious US-based cryptocurrency exchange Coinbase subsequent to its inclusion in the exchange’s listing roadmap unveiled in February. Furthermore, the development team behind the project disclosed plans for an upcoming summit scheduled to take place in Austin, Texas, on May 28th.

Dubbed as “Akash Accelerate ’24,” the summit is slated to be the inaugural full-day event convened by Akash, offering a platform for the comprehensive community engagement featuring a rich agenda comprising presentations and panels led by prominent figures within the decentralized AI sphere. Akash Network was established utilizing the Cosmos (ATOM) software development kit (SDK) and has been operationalized on the Cosmos blockchain. The primary objective of Akash is to function as a decentralized marketplace for cloud computing by aggregating and redistributing surplus computing processing capabilities to clientele in need.