Amid cryptocurrency ups and downs, Akash Network’s native token, AKT, has experienced a noteworthy surge of over 40% in the past week.
Akash Network (AKT) is trading at $3.20 representing almost 15% increase in the last 24 hours and an impressive leap of 41% over the past week, with a market cap of over $718 million, per data from CoinGecko.
In the space of one year, AKT displayed a phenomenal gain of more than 1,400%, demonstrating strength. As soon as AKT surged, its social dominance has also seen a significant level of growth since August 2023.
Akash Network is an open-source and decentralized cloud computing platform that runs on the Cosmos blockchain, which provides a distinctive solution to cloud services. This innovative network enables deployment of any cloud-native application thus increasing price–performance and scalability for decentralized applications and organizations.
Akash’s disruptive impact on the cloud computing market is palpable. By distributing underutilized cloud capacity, Akash provides more efficient and cost-effective cloud computing services than centralized alternatives. This commitment to open-source technology positions Akash as a more economical option compared to existing centralized cloud computing providers.
The AKT token is a vital tool for governing and securing the Akash Network. It is the primary means for storing and exchanging value across the network and rewarding community users. This token represents not just a financial asset but a cornerstone of the Akash Network’s functionality.
Crypto ETFs triggering mixed reactions
The surge in AKT comes as there seems to be a clash of opinions regarding the approval of spot Bitcoin ETFs. Better Markets CEO, Dennis M. Kelleher, recently urged the U.S. SEC to reject all ETF applications.
Kelleher’s primary concern revolves around potential fraud and manipulation, emphasizing that the SEC is responsible for preventing massive investor harm.
Kelleher’s stance comes amid a report by blockchain security firm Scam Sniffer, revealing that over 324,000 crypto users fell victim to fraud in 2023, resulting in a substantial loss of approximately $295 million.
The reactions to Kelleher’s warnings have been mixed within the crypto community. Bloomberg ETF analyst James Seyffart contends that dismissing the spot Bitcoin ETF applications would be a “criminal move.” He highlights the time and effort invested by issuers and SEC staff, emphasizing the potential influence of Kelleher’s close relationship with SEC Chairman Gary Gensler on the decision-making process.
Crypto analyst Matt Ahlborg counters Kelleher’s claims, asserting that crypto does serve a social purpose despite Better Markets’ position. Ahlborg also expresses concerns about potential challenges facing the Bitcoin ETF proposal following Better Markets’ intervention and underscores the organization’s ties with influential figures.