Akash Network has been one of crypto’s biggest success stories lately. The cloud computing platform’s AKT coin shot up in August 2023.
A string of announcements helped Akash Network become one of the sector’s biggest recent gainers. Parent company Overclock Labs purchased the Cloudmos protocol at the start of the month, making its code open-source. A hackathon and the announcement that it was allowing people to use the USD Coin (USDC) stablecoin saw it grow further. Not only that, but it said it would upgrade its mainnet.
As a result, AKT has risen more than 600% since the start of the year.
Akash Network did not immediately respond to a request for comment
But what is Akash Network (AKT)? How does Akash Network work? Let’s see what we can find out, and also take a look at some of the Akash Network Price Predictions that were being made as of August 25 2023.
Let’s examine some of the Akash Network price predictions being made on August 25 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term Akash Network price prediction that said the coin could fall to $1.23 by August 30 before recovering to $1.46 by September 24. The site’s technical analysis was, fittingly, neutral, with 16 indicators sending bullish signals and 15 making bearish ones.
Moving on, CaptainAltCoin thought Akash Network would trade at $3.62 in 2025. DigitalCoinPrice had the coin coming in at $4.42 that year. PricePrediction.net said AKT would be worth $1.43 in two years time.
Looking at a more long-term Akash Network price prediction, PricePrediction.net said the coin would hit $9.34 in 2030. CaptainAltCoin suggested it would reach $9.05 that year. DigitalCoinPrice made an AKT price prediction that had it trade at $13.40 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the Akash Network price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret an Akash Network price prediction.
AKT first came onto the open market in October 2020, when it was worth about $0.40. It went up slowly but steadily, breaking past the dollar in January 2021. The coin then surged as the market blossomed. It reached at an all-time high of $8.08 on April 6. AKT then dropped down, sinking below $3 in July before recovering to more than $5 in September. Akash Network closed 2021 at $1.79.
2022 saw Akash Network suffer, along with much of the rest of the market. It was already below $1 when the Terra (LUNA) blockchain collapsed in May. Although it looked like it might make something of a recovery, things got worse in November. At that time, the FTX (FTT) exchange collapsed and AKT dropped to an all-time low of $0.1672. The coin then made a small recovery to close the year at $0.1846. This represented an annual loss of nearly 90%.
So far, 2023, has been a bit more encouraging for AKT. The market was buoyant at the start of the year and Akash Network climbed past $0.50 in February. There were some ups and downs but it broke past $6 in late May.
June 5’s news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase crypto exchanges shocked the market. By June 15, AKT was down to $0.463. After that, there was a small recovery, with it spending much of the following two months hovering around $6.
Things changed in August. A combination of the mainnet upgrade proposals, the USDC link and Cloudmos becoming open source boosted the price. AKT climbed from $0.6016 to $0.7452 on 8 August, a daily rise of nearly 25%.
There was even better news ahead. AKT broke past the dollar for the first time since April 2022 on August 11. The coin reached a high of $1.72 on August 20. By August 25, it was on a downturn, trading at about $1.35.
At that time, there were 217.3 million AKT in circulation, representing the total supply. This gave Akash Network a market cap of about $291 million, making it the 102nd-largest crypto by that metric.
AKT went on an upturn in August 2023. It rose 185% between August 8 and 20. Although Akash Network is currently down about 20% from its recent high, it is still up more than 600% since the start of the year.
It is hard to say. The coin’s price has shot up in recent weeks, but there may already be signs of a downturn.
On the other hand, there are good reasons for AKT’s recent price surge, with new developments getting investors attention.
As always with crypto, you will need to make sure you do your own research before deciding whether or not to invest in AKT.
No one can really tell right now. While the Akash Network crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Akash Network, you will have to do your own research, not only on AKT, but on other, similar, coins and tokens such as Filecoin (FIL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Akash Network is a platform that aims to allow people to buy and sell computing resources on the cloud. This means that it can, potentially, allow people to work online without having to worry about data storage.
Computing company Overclock Labs created Akash in 2018. Computing experts Greg Osuri, Adam Bozanich co-founded the business.
The AKT coin supports the Akash Network, which was originally based on the Cosmos (ATOM) blockchain.
Akash Network uses a Proof-of-Stake (PoS) consensus mechanism. This means that people can verify transactions and add blocks to the blockchain based on how much AKT they hold.
The Akash Network creates storage applications called containers. These are leased to tenants. In turn, providers offer storage space for tenants.
AKT itself pays for transactions on the network. Holders can vote on changes to Akash Network. People can also buy, sell, and trade AKT on exchanges.
On August 25 2023, there were 217.3 million AKT in circulation, representing the total supply.
It could do, but not for a while. DigitalCoinPrice says it should be worth that in 2030. PricePrediction.net has it reach $10 in 2031, while CaptainAltCoin says it can get there by 2040.
AKT pays for transactions on the Akash Network, and holders can vote on changes to the platform. People can also buy, sell, and trade AKT on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.