Skyrocketing Price Surge for Altcoin Following Successful Mainnet Upgrade: Decentralized Cloud Computing Coin (DCCC)

  • Akash Network (AKT), a decentralized cloud computing altcoin, has seen a 44% surge since its mainnet upgrade on May 2nd.
  • The 73rd-ranked crypto asset by market cap is also up nearly 35% in the past seven days alone.
  • 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.

Following a successful mainnet upgrade, Akash Network (AKT) records a significant surge in value, showcasing the potential of decentralized cloud computing in the crypto market.

Akash Network’s Mainnet 11 Upgrade

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 recently completed a mainnet upgrade, dubbed “Mainnet 11”, which has led to a significant surge in the value of its native token, AKT. The upgrade improved the management and tracking of authorized AKT and simplified the grant process for deployments.

Surge in Ecosystem Growth

According to House of Chimera, a blockchain research firm, 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. The firm attributes this growth to increasing interest in DePin, coupled with growing developer demand, resulting in higher usage of AKT. DePIN projects involve the use of crypto assets and blockchain technology to incentivize the building of real-world infrastructure.

Conclusion

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. However, the recent surge following the mainnet upgrade showcases the potential of decentralized cloud computing in the crypto market, and the growing interest in DePin projects indicates a promising future for Akash Network.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Shiba Inu (SHIB) Update: Key Developments and Trends Impacting the Popular Crypto Token

Shiba Inu's ecosystem sees significant advancements with the...

Market Buzz: Whales Transfer $15M in XRP (XRP), Sparking Speculation and Trading Frenzy

Bitcoin's recent surge has captured the attention of...

Point72 and Morgan Stanley Amp Up Crypto Holdings, Invest Over $340M in Bitcoin (BTC)

Point72's recent investment in Bitcoin underscores a growing...

Crypto Campaign Contributions Surge: $91M in Bitcoin (BTC) and Other Coins Donated Ahead of 2024 Election

The crypto industry has significantly increased its political...

MoonBag Presale Takes DeFi by Storm, Outshining Pepe Coin and Solana with Innovative Paradigm Shift

The MoonBag presale has emerged as the latest sensation...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Unlock Crypto Potential: Expert Analysis on Surging Bitcoin (BTC) and Altcoin Trends

One widely followed crypto analyst believes digital assets...

Expert Analysis: Solana (SOL) Price Prediction for End of May Revealed

Syncracy Capital's co-founder Daniel Choung recently shared his...

XRP (XRP) Surges: A Detailed Analysis of Its Robust Market Comeback

XRP has recently shown a strong comeback, bouncing...

May 17, 2024 Market Movers: Mahindra & Mahindra (M&M), Grasim, TCS, Cipla Lead Active Stocks – Full Analysis Inside

```html Today's stock market saw notable movements, with indices...

Ether (ETH) Shows Promise on Coinbase Amid Bitcoin (BTC) Withdrawals: An In-Depth Analysis

In a recent analysis, Coinbase highlighted Ether's underwhelming...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Shiba Inu (SHIB) Update: Key Developments and Trends Impacting the Popular Crypto Token

Shiba Inu's ecosystem sees significant advancements with the migration of ShibaSwap to the Shibarium blockchain. The integration promises reduced transaction fees and enhanced...

Market Buzz: Whales Transfer $15M in XRP (XRP), Sparking Speculation and Trading Frenzy

Bitcoin's recent surge has captured the attention of both seasoned investors and newcomers to the cryptocurrency market. This uptick is partly driven by...

Point72 and Morgan Stanley Amp Up Crypto Holdings, Invest Over $340M in Bitcoin (BTC)

Point72's recent investment in Bitcoin underscores a growing trend among hedge funds to diversify into digital assets. With Morgan Stanley's substantial holdings in...