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Decentralized Cloud Computing Altcoin Skyrockets in Price After Completion of Successful Mainnet Upgrade

May 11, 2024

A decentralized cloud computing altcoin has surged by 44% since it completed a mainnet upgrade on May 2nd.

Akash Network (AKT) is trading at $5.76 at time of writing, up from around $4.00 prior to rolling out its “Mainnet 11” version earlier this month.

The 73rd-ranked crypto asset by market cap is also up nearly 35% in the past seven days alone.

Akash Network is a decentralized open-source cloud network that supports decentralized finance (DeFi) applications and organizations, as well as machine learning, blockchains and artificial intelligence (AI).

The project says the new upgrade improved the management and tracking of authorized AKT and simplified the grant process for deployments.

House of Chimera, a blockchain research firm, notes that Akash Network witnessed a surge in ecosystem growth in the first quarter of the year, logging more than $140,000 in revenue in Q1, compared to $100,000 in Q4 of 2023 and less than $20,000 in Q3.

Explains the firm,

“Increasing interest in DePin, coupled with growing developer demand, results in higher usage of AKT.”

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DePin stands for decentralized physical infrastructure. DePIN projects involve the use of crypto assets and blockchain technology to incentivize the building of real-world infrastructure.

Despite its recent gains, AKT remains nearly 29% down from its all-time high of $8.07, which it set in April 2021, according to CoinGecko.

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