Here’s Why Akash Network (AKT) Is up 40%

The native token of the Akash network has surged by 40% following its listing on the South Korean crypto exchange Upbit. Per data from Coinstats, AKT exchanged hands at $5.7 at the time of writing. 

Launched in 2018, Akash Network is a decentralized, open-source cloud computing platform that allows users to buy and sell computing resources securely and efficiently. It was built using the Cosmos software development kit (SDK) and implemented on the Cosmos blockchain. It connects server owners who need computing power to host applications with cloud computing resources.

Akash Network’s Token Surges Following Upbit Listing

Upbit, South Korea’s largest crypto exchange by trading volume, announced trading support for Akash network’s token on Tuesday. The token is available in trading pairs with the South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). This listing is likely to increase the liquidity of $AKT, offering traders various currency options for transactions.

Following the listing, AKT experienced an impressive surge of over 40% in the last 24 hours to trade at $5.7 at press time. This price increase has pushed its market cap to approximately $1.4 billion, positioning it as the 68th-largest cryptocurrency. Moreover, Akash Network’s daily trading volume increased by 1,560%, reaching $65 million.

Additionally, data from Santiment, a market intelligence platform, shows that the network’s social volume also increased by 200% over the past 24 hours. The impressive performance of AKT has positioned it as the top gainer among the leading 100 cryptocurrencies by market cap. Despite the recent price rally, AKT is still down by about 32% from its all-time high of $8.07 in April 2021. 

Another Token Experiences Price Increase

Notably, the Akash network is not the only token that saw a notable surge following listing on Upbit. BIGTIME, the native digital token used in the free-to-play, multiplayer action RPG game Big Time also saw a price increase by 7.38% in the last 24 hours to trade currently at $0.21. 

BIGTIME is an ERC-20 token that operates on the Ethereum blockchain and uses “Vault” technology to reduce the high costs associated with Ethereum transactions. The RPG action game is set in a pre-destruction world where players engage in an economy centered around user-generated content which includes rare items and cosmetic upgrades. The game strives to promote user ownership of these items, intensifying their role in the game’s economic ecosystem.