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Akash Network Price Prediction 2024: Can AKT Push On?

Last Updated June 5, 2024 1:21 PM
Peter Henn
Last Updated June 5, 2024 1:21 PM

Key Takeaways

  • Akash Network’s AKT coin rose more than 1,200% in 2023.
  • The crypto moved up after it was listed on the Upbit exchange. 
  • Akash Network is a cloud computing platform. 
  • One Akash Network price prediction says AKT can reach $10.48 in 2025.

Akash Network has been one of crypto’s biggest success stories in recent years. The cloud computing platform’s AKT coin rose more than 10 times over the course of 2023.

A string of announcements helped Akash Network become one of the sector’s biggest gainers. Parent company Overclock Labs purchased  the Cloudmos protocol, 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 went up more than 1,200% last year. After the South Korean Upbit exchange listed  AKT, it surged and investors will be hoping its first ever summit will keep eyes on it. By June 5 2024, the crypto was worth about $4.50.

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 June 5, 2024.

Akash Network Coin Price Prediction

Let’s examine some of the Akash Network price predictions being made on June 5, 2024. 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.

2024 2025 2030
Prediction #1 $9.44 $10.34 $26.19
Prediction #2 $6.81 $9.62 $67.30
Prediction #3 $4.30 $10.48 $26.19

First, CoinCodex  had a short-term Akash Network price prediction that said the coin could go to $5.83 by June 10 before jumping to $14.69 by July 5. Despite that, the site’s technical analysis was bearish, with 20 indicators sending negative signals and 10 making bullish ones.  

Akash Network Price Prediction for 2024

DigitalCoinPrice  said that AKT would reach $9.44 this year. PricePrediction.net  thought the coin would trade at $6.81 in 2024. CaptainAltCoin  argued Akash Network would be valued at $4.30 in December.  

Akash Network Price Prediction for 2025

Moving on, CaptainAltCoin thought Akash Network would trade at $10.48 in 2025. DigitalCoinPrice had the coin coming in at $10.34 that year. PricePrediction.net said AKT would be worth $9.62 next year.

Akash Network Price Prediction for 2030

Looking at a more long-term Akash Network price prediction, PricePrediction.net said the coin would hit $67.30 in 2030. CaptainAltCoin suggested it would reach $26.19 that year. DigitalCoinPrice made an AKT price prediction that had it trade at $32.65 at the start of the next decade.

Google BardAI Price Prediction for Akash Network (as of June 5)

Google’s Gemini AI platform gave the following price prediction for Akash Network on June 5. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (Next few months):

  • Range of $4 – $6. Current price sits around $4.50, with predictions ranging from a slight dip to a moderate increase.
  • Reasons: Market sentiment is mixed (both bullish and bearish indicators), future depends on short-term trends and potential news.

Medium-term (Next 1-2 years):

  • Range of $5 – $10. This is a more optimistic range based on potential growth.
  • Reasons: Increased adoption of Akash Network’s cloud computing marketplace could drive demand for AKT tokens.

Long-term (Next 5+ years):

  • Range of $10 – $25+. This ambitious range reflects potential widespread adoption and broader market acceptance.
  • Reasons: Continued development of Akash Network and blockchain technology, integration with mainstream financial systems, increased utility and scarcity of AKT tokens.

Important to Consider:

  • These are predictions, not guarantees. The cryptocurrency market is unpredictable.
  • Factors like regulations, competitor success, and overall economic climate can impact price.
  • Always do your own research before investing in any cryptocurrency.

Recent Updates from Akash Network

On April 24, 2024, Akash Network announced  that Brev.dev was officially launching support for Akash GPUs.

The news came shortly after the platform announced  the first ever Akash Network summit, which took place in June, while it had also been listed on South Korean exchange in April.

AKT Price History

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%.

Akash Network in 2023 and 2024

Akash Network Price History
AKT shot up in 2023, can it continue going forward? | Credit: CoinMarketCap

2023 was 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. It closed the year at $2.44, an annual increase of more than 1,200%. There was m0re upward movement to come and it peaked at $6.83 on April 23. There was a downturn after that, though, and, on June 5 2024, Akash Network was worth about $4.50.

At that time, there were 239.2 million AKT in circulation, representing the total supply. This gave Akash Network a market cap of just over $1 billion, making it the 84th-largest crypto by that metric. 

Akash Network Historical Price Data

Period Akash Network Price
Last week (May 29 2024) $5.91
Last month (May 5 2024) $5.26
Three months ago (March 5 2024) $4.43
Last year (June 5 2024) $0.664
Launch price (October 20 2020) $0.4443
All-time high (April 6 2021) $8.08
All-time low (November 21 2022) $0.1627

Akash Network Price Analysis

Akash Network Price Analysis
Where will AKT go next? | Credit: Nikola Lazic/TradingView

After reaching over $6 in March, the price of AKT subsequently fell more than 50%. On April 13, it dropped to $3 but then surged parabolically, briefly surpassing its previous high on April 23, marking a 70% increase.

However, it quickly retreated to $4.80 the same day, leaving a significant wick on the four-hour chart. AKT is struggling and is likely entering a consolidation phase, with the price chart forming a symmetrical triangle. This means there are two possible outcomes. 

The peak in March could represent the final wave in a five-wave sequence, with the subsequent decline as the correction. After it ends, AKT will continue its upward journey, which is hinted at by a breakout to the upside. In that case, $8 could be its next likely target. 

On the other hand, the symmetrical triangle could be turned into a descending one, with a breakout to the downside. If this happens, it could fall below its April 15 low of $3, possibly to $2.50.

Is Akash Network a Good Investment?

It is hard to say. The coin’s price has wobbled recently, but we don’t know whether it can get back to going up.

As always with crypto, you will need to make sure you do your own research before deciding whether or not to invest in AKT.

Will Akash Network go up or down?

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. 

Should I invest in Akash Network?

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.

Who are the Founders of Akash Network?

Akash was founded in March 2018 by Overclock Labs, a software development company formed by Greg Osuri and Adam Bozanich.

Who Owns the Most Akash Network (AKT) Tokens?

On June 5, 2024, one wallet held more than 2,000 AKT.

Richest AKT Wallet Addresses

As of June 5, 2024, the five wallets with the most WLD tokens were

  • 0xb17d5db0ec93331271ed2f3fffebe4e5b790d97e. This wallet held 2,006 AKT.
  • 0xf8f3fbd133d2cc15dc437de21810072c2b74be1a. This wallet held 1,382 AKT.
  • 0x0b6bf854cb7c816518a96317893e43ab219bd365. This wallet held 968 AKT.
  • 0x270fdfa099e5dc3fc4e2859aaa2a447f583939d5. This wallet held 954 AKT.
  • 0x73716b127c9e6750165eb063cb183376af82071b. This wallet held 821 AKT.

Fact Box

Supply and distibution Figures
Maximum Supply 388,539,008
Circulating supply (as of June 5, 2024) 239,280,045 (61.58% of maximum supply)

From the Whitepaper

In its technical documentation, or whitepaper , Akash Network says it cloud infrastructure network that is decentralized, competitive, and able to distribute applications between multiple cloud service providers around the globe.

Akash Network (AKT) Explained

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.

How Akash Network Works

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.

Akash Network Attention Tracker

Akash Network Google Search Volume
Akash Network Google search volume | Credit: CoinMarketCap
Here is a chart for Akash Network’s Google search volume for the past 90 days. This represents how many times the term “Akash Network” has been Googled over the previous 90 days.

FAQs 

How many Akash Network coins are there?

On June 5, 2024, there were 239.2 million AKT in circulation, representing the total supply.

Will Akash Network reach $10?

It could do. DigitalCoinPrice and CaptainAltCoin say it should be worth $10 in 2025, while  PricePrediction.net says it can get there in 2026. 

What is Akash Network used for?

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. 

Further reading

Disclaimer 

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.

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