Akash Network (AKT) Price Up 12% as RenAIssance Hackathon Begins

Akash Network (AKT) price was up 12% on Thursday as the cryptocurrency ranked second behind Book of Meme (BOME) as the top gainers.

Akash Network (AKT) price surged on Thursday, outpacing the broader cryptocurrency market with a double-digit gain.

The cryptocurrency, ranked second behind Book of Meme (BOME) as the top gainer among the top 100 gainers by market capitalization, clocked 12% in 24-hour gains.

AKT price Surged to highs of $3.45 on Thursday, continuing a recent rally that saw the cryptocurrency double in price in two weeks.

The AI-related token outpaced other coins in this category, with only Render (RNDR) and The Graph (GRT) in the green among the top AI and Big Data cryptocurrencies. Notably, SingularityNET, Fetch.ai, and Ocean Protocol, which are set to merge and operate under the Artificial Superintelligence Alliance (ASI), were all dumping more than 10% at the last check.

Akash Network price now trades about 75% down from its all-time high of $8.07 reached in April 2021. However, in the current market cycle, the cryptocurrency peaked at $6.22 on March 10, 2024.

A surge in price amid Upbit listing in April saw AKT break to above $6.03 before paring gains.

Akash Network price up amid RenAIssance Hackathon

The broader crypto market was up just 1% to about $2.29 trillion, but Akash Network appeared to defy this with its double-digit gain.

While the cryptocurrency did not announce any major updates on Thursday, a recent announcement of AKT staking on Crypto.com and an upcoming event related to the network could have contributed to the price surge.

On June 25, the Akash team announced a collaboration with Flock, a platform for decentralized training of AI models. Through FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to the training of models for on-chain rewards.

Besides contributing models for training, users can also participate by contributing data and other computing resources to earn AKT. The RenAIssance Hackathon will offer rewards in AKT, USDC, and the native FLock token FML.

The top three models in the hackathon will earn 400 USDC and $400 worth of AKT for the winning model; 300 USDC plus $300 worth of AKT will go to the runner up and 200 USDC plus $200 in AKT for the third-place model.

Participants will also stand to win 200 USDC and $200 worth of AKT for winning validators.