Akash Network (AKT) saw a significant increase of 12% in its price on Thursday, making it the second top gainer behind Book of Meme (BOME) in the cryptocurrency market. While BOME led the top 100 gainers with a 24-hour gain of over 14%, AKT reached highs of $3.45. Among the top AI and Big Data cryptocurrencies, AKT outperformed other coins, with only Render (RNDR) and The Graph (GRT) showing positive movement.
However, SingularityNET, Fetch.ai, and Ocean Protocol, all of which are set for a merger under the Artificial Superintelligence Alliance (ASI), experienced a decrease of more than 10% in their prices at the time of reporting. Despite AKT reaching an all-time high of $8.07 in April 2021, it peaked at $6.22 in the current market cycle on March 10, 2024. A surge following the Upbit listing in April pushed AKT above $6.03 before retracing some gains.
The broader crypto market only saw a 1% increase to around $2.29 trillion, but Akash Network stood out with its double-digit surge. The positive momentum around AKT may have been fueled by the recent announcement that Crypto.com now supports AKT staking with rewards of up to 19%. Additionally, the collaboration between Akash Network and Flock, a decentralized platform for AI model training, was another contributing factor to the optimism surrounding AKT.
Through Flock.io, AKT holders have the opportunity to participate in an open and collaborative ecosystem where they can contribute to the training of AI models for on-chain rewards. In addition, users can provide data and other computing resources to earn AKT. The RenAIssance Hackathon, which offers rewards in AKT, USDC, and the native FLock token FML, is another event that has boosted interest in AKT. The top three models in the hackathon will receive prizes in USDC and AKT, with the winner earning 400 USDC and $400 worth of AKT, the runner up receiving 300 USDC and $300 in AKT, and the third-place model getting 200 USDC and $200 worth of AKT. Participants can also win rewards for being winning validators.