After Korea’s largest cryptocurrency exchange, Upbit, announced its support for Akash Network (AKT), a decentralized cloud computing altcoin, the digital asset experienced a significant surge. AKT’s price rose from $4 to a high of $6.74, representing a staggering 68% increase. Currently, AKT has slightly retraced to $5.30 and has a market capitalization of $1.2 billion.

Akash Network is an open-source decentralized cloud network that facilitates decentralized finance (DeFi) applications, machine learning, blockchains, and AI. Last month, Coinbase, a prominent US cryptocurrency exchange, listed AKT for trading after including it in their listing roadmap back in February.

The developer team of Akash Network recently announced a summit in Austin, Texas, scheduled for May 28th. The summit, called “Akash Accelerate ’24,” aims to bring together the entire community for a full-day event featuring presentations and panel discussions from experts in the decentralized AI space.

Built using the Cosmos (ATOM) software development kit (SDK) and implemented on the Cosmos blockchain, Akash Network aspires to function as a decentralized cloud computing marketplace. It achieves this by pooling and reallocating idle computing processing power to customers in need.

Please note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are conducted at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor do they provide investment advice. It is important to note that The Daily Hodl participates in affiliate marketing.