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Akash Network Soars 12%, Leads AI Token Rebound
Akash Network (AKT) price rose 12% on Thursday, while the cryptocurrency ranked second behind Book of Meme (BOME) among the top gainers.
While BOME leads the top 100 growth stocks by market cap with a 24-hour gain of over 14%, AKT has hit highs of $3.45. The AI token has led other coins in this category, with only Render (RNDR) and The Graph (GRT) in the green among The best AI and Big Data cryptocurrencies.
SingularityNET, Fetch.ai and Ocean Protocol, which are set for a merger under the Artificial Superintelligence Alliance (ASI), were all losing more than 10% at the time of this writing.
The all-time high for AKT was $8.07 reached in April 2021.
However, while in the current market cycle, the cryptocurrency peaked at $6.22 on March 10, 2024. increase during the April Upbit listing saw AKT break above $6.03 before paring gains.
Akash Network price increases during RenAIssance Hackathon
The overall cryptocurrency market grew just 1% to around $2.29 trillion, but Akash Network appears to have held its own with a double-digit gain.
In addition to the announcement that Crypto.com now supports AKT staking with rewards of up to 19%, positive vibes around Akash Network may have come from another major network-related event.
On June 25, the Akash team revealed a collaboration with Flocka platform for decentralized training of AI models.
With FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to model training, for on-chain rewards. Users can also contribute data and other computing resources to earn AKT.
The RenAIssance Hackathon offers rewards in AKT, USDC, and native FLock FML token. The top 3 models of the hackathon will earn 400 USDC and $400 AKT for the winner; 300 USDC plus $300 AKT will go to the second place model and 200 USDC plus $200 AKT for the third place model.
Participants will also be able to win 200 USDC and $200 in AKT for the winning validators.