Akash Network Price Prediction 2024: AKT Surges After Upbit Listing, Ahead of First Summit

Key Takeaways

• Akash Network’s AKT coin rose more than 1,200% in 2023.
• The crypto’s price was boosted by a range of announcements in August last year. 
• Akash Network is a cloud computing platform. 
• One Akash Network price prediction says AKT can reach $16.32 in 2025.

Akash Network has been one of crypto’s biggest success stories lately. The cloud computing platform’s AKT coin rose more than 10 times over the courts 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 by April 24, 2024, it was worth about $5.07. 

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 April 24, 2024.

Akash Network Coin Price Prediction

Let’s examine some of the Akash Network price predictions being made on April 24, 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.

First, CoinCodex  had a short-term Akash Network price prediction that said the coin could go to $6.66 by April 29 before jumping to $16.60 by May 23. The site’s technical analysis was bullish, with 27 indicators sending positive signals and two making bearish ones.  

Akash Network Price Prediction for 2024

DigitalCoinPrice  said that AKT would reach $11.13 this year. PricePrediction.net  thought the coin would trade at $6.03 in 2024. CaptainAltCoin  argued Akash Network would be valued at $12.95 in December.  

Akash Network Price Prediction for 2025

Moving on, CaptainAltCoin thought Akash Network would trade at $16.32 in 2025. DigitalCoinPrice had the coin coming in at $13.00 that year. PricePrediction.net said AKT would be worth $9.30 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 $62.11 in 2030. CaptainAltCoin suggested it would reach $35.09 that year. DigitalCoinPrice made an AKT price prediction that had it trade at $37.94 at the start of the next decade.

Google BardAI Price Prediction for Akash Network (as of April 24)

Google’s Gemini AI platform gave the following price prediction for Akash Network on April 24. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

• Expected price: $4.64

• Factors to Consider:
  • Market sentiment: If the overall sentiment in the cryptocurrency market is bullish, then AKT is more likely to go up in price. Conversely, if the sentiment is bearish, then AKT is more likely to go down in price.
  • Developments on the Akash Network: If there are any significant developments on the Akash Network, such as new partnerships or integrations, then this could drive the price of AKT up.
  • Regulations: If there are any new regulations introduced that impact the cryptocurrency market, then this could affect the price of AKT.

Medium Term (Next six months)

• Expected price: $15.48

• Factors to Consider:
  • Overall market trends: The general sentiment of the cryptocurrency market can significantly impact AKT’s price. If the market experiences a bullish run, AKT is likely to rise as well.
  • Akash Network developments: News and updates regarding Akash Network’s adoption, partnerships, or technological advancements could influence its price.
  • Regulations: Regulatory changes from governments around the world can impact the entire cryptocurrency market, including AKT.

Long Term (Next five years)

• Expected price: $26.03

• Factors to Consider:
  • Overall cryptocurrency market trends: The health of the broader crypto market will significantly impact AKT’s price.
  • Akash Network’s adoption and development: Increased usage and development of the Akash Network platform could drive the price up.
  • Regulatory landscape: Regulations surrounding cryptocurrencies can affect investor sentiment and price.

Recent Updates from Akash Network

On April 24, 2024, Akash Network announced  that Brev.dev is officially launching support for Akash GPUs. Brev is on a mission to create the easiest way to develop with the leading open-source AI models and deploy on GPUs in the cloud.

Purpose-built for developers who prioritize speed and simplicity. Now, developers can one-click deploy on NVIDIA H100s, A100s, and more at industry-leading pricing on the Akash Supercloud — directly from the Brev console.

The news came shortly after the platform announced  the first ever Akash Network summit, 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

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, on April 24, 2024, Akash Network was worth about $5.07.

At that time, there were 234.5 million AKT in circulation, representing the total supply. This gave Akash Network a market cap of about $807 million, making it the 88th-largest crypto by that metric. 

Akash Network Price Analysis

The price of AKT reached a high of over $6 in March, after which it made fell more than 50%. On April 13, it dropped to a low of $3 but started increasing parabolically, revisiting its peak on April 23 on a 70% spike, even coming slightly above $6.80. 

It quickly fell to $4.80 on the same day, leaving a larger wick on the four-hour chart. As we are now seeing signs of struggle, AKT is likely entering a consolidation phase around $5. 

March’s high was the third wave of five, with the subsequent drop being its corrective fourth wave. This brings the rise from April 13 to its final wave. Judging by its sub-waves, however, there is one more push to the upside left before completion. 

The current consolidation is expected to develop as a lower-degree wave four. This will be a primary count unless the price falls below $4.20. The four-hour Relative Strength Index suggests more upside room before the price gets overbought.

Our next target would be at the $7.50 area which should be the completion of this long-lasting uptrend from mid-April last year. 

Is Akash Network a Good Investment?

It is hard to say. The coin’s price has shot up recently, but we don’t know whether it can maintain its upward trajectory. 

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.

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 April 24, 2024, one wallet held a percentage close to 0% of AKT’ supply.

Richest AKT Wallet Addresses

As of April 22, 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 954 AKT.
• 0x270fdfa099e5dc3fc4e2859aaa2a447f583939d5. This wallet held 954 AKT.
• 0x73716b127c9e6750165eb063cb183376af82071b. This wallet held 821 AKT.

Fact Box

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

FAQs 

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.

About the Author

Peter Henn

Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.

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