- 1 AKT has an inflation rate of 18.9%, 54.25% of the total supply of the AKT is staked.
- 2 AKT is trading near the value of $3.81, with a loss of over 12% in the intraday session.
Akash network represents one of the significant advancements in cloud computing using blockchain technology. The protocol is a paradigm shift in cloud computing, disrupting traditional services.
Akash Network has developed an open-source, decentralized marketplace for cloud computing while offering unprecedented speed, efficiency, and affordability. The platform lets you buy and sell the computing resources securely and efficiently.
One of the best features of the Akash Network is its support for infrastructure as Code while allowing users to deploy and manage the infrastructure using code.
Source: Akash.network
Akash Network is also one of the biggest community-driven platforms, and it has a range of development tools to support users and developers. Recently, the core development team of the Akash network held the network’s first-ever full-day summit, which focused on the growth of decentralized AI.
Several bright minds in the decentralized computing space were gathered in Austin, sharing ideas and exploring potential. Let’s look at the on-chain analytics of the Akash Network.
Akash Network Sees a Decline in Overall Compute And Storage
Brev.dev is a platform that enables easy setup of Jupyter notebooks for AI development. They have recently announced its integration with Akash Network. The integration with the network will allow Brev to scale its platform with permissionless access to the most in-demand NVIDIA GPU models provided by the Akash Supercloud.
Source: Storage used by stats.akash.network
The disk storage leased by the Akash Network in a decentralized way has decreased by over 12% in the last month. The overall disk storage leased has observed a decline from the highs of 380k to a low of 35.6k. Meanwhile, the overall GPU availability is in the range of $1.5 to $3 per hour.
Source: Daily AKT Spent By Akash.network
The number of daily active providers has observed a decline of over 4.4% and is currently near 69. The inflation rate of the AKT is near 18.98%, with a staking APR of 21%. Let’s see the price action scenario of the AKT token.
Are AKT Price Bears Pushing The Price Down?
Akash network has a market cap of $850 Million and is currently ranked 91st in the crypto-verse. It has a total supply of 388,539,008 AKT, of which 61.8% is circulating in the market.
The volume of the token price has observed a decline of over 11.5% in the intraday session. AKT price is trading near the value of $3.83, with a drop of 10% in the intraday session.
AKT is trading in a bearish parallel channel, as shown on the daily chart. It is trading below the 50 and 100 EMA with a negative crossover in the past. The upside trend of the AKT price can see a halt near the value of $5. Meanwhile, the downside trend of the asset price can be seen to be near $3.
The RSI of the AKT price can be seen as near 27, with a strong downside slope. The overall sentiment of the RSI is bearish.
Conclusion
Akash Network is seeing an overall decline in the daily active providers and the disk storage leased. Meanwhile, the overall inflation rate and the AKT’s staking APY have increased. AKT token price is currently trading in a bearish momentum and can see a new high in the future, as per analysts.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
