Akash Networks AI tokens lead the way with a 12 surge
The price of Akash Network (AKT) surged by 12% on Thursday, making it the second-highest gainer behind Book of Meme (BOME) in the world of cryptocurrencies. BOME, with a 24-hour gain of over 14%, leads the top 100 gainers by market cap, while AKT reached highs of $3.45. Among the top AI and Big Data cryptocurrencies, AKT was the leader, with only Render (RNDR) and The Graph (GRT) showing positive gains as well.
SingularityNET, Fetch.ai, and Ocean Protocol, all heading for a merger under the Artificial Superintelligence Alliance (ASI), were experiencing a decrease of more than 10% at the time of writing. The all-time high for AKT was $8.07 in April 2021, but during the current market cycle, it peaked at $6.22 on March 10, 2024. In April, the Upbit listing caused AKT to break above $6.03 before pulling back gains.
Akash Network’s price surge coincided with the RenAIssance Hackathon, an event where the broader crypto market was up by just 1% to about $2.29 trillion. Despite this, Akash Network managed to defy the market trend with its double-digit gain. The positive sentiment surrounding Akash Network may have been influenced by the announcement that Crypto.com now supports AKT staking with rewards of up to 19%.
Furthermore, on June 25, the Akash team announced a collaboration with Flock, a platform for decentralized training of AI models. Through FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to the training of models for on-chain rewards. Users can also provide data and other computing resources to earn AKT.
The RenAIssance Hackathon offers rewards in AKT, USDC, and the native FLock token FML. The top 3 models in the hackathon will earn 400 USDC and $400 worth of AKT for the winner, 300 USDC plus $300 worth of AKT for the runner-up, and 200 USDC plus $200 in AKT for the third-place model. Participants also have the opportunity to win 200 USDC and $200 worth of AKT for winning validators.
