MIND of Pepe: The AI Agent That Could Follow AKT and TAO's Breakout Path

Akash Network (AKT) crypto price rose 24% on Wednesday, hitting $1.80 before returning to $1.55 by 12:00 ET. Over the past week, AKT crypto gained more than 13% and over 100% in 30 days.

Although it still trades well below its April 2024 all-time high of $7.10, the chart suggests AKT may have found its bottom. The recovery looks steady and backed by strong fundamentals.

Akash provides decentralized cloud computing using blockchain. Many call it the “Airbnb of cloud” because it connects users to cheaper computing power for AI and Web3 needs.

Recently, Akash secured a $27 million deal with NxtGen to provide Nvidia H100 GPUs in December 2024, and it has seen increased adoption for its services.

Compared to major providers like AWS, Azure, and Google Cloud, Akash slashes cloud costs by up to 90%. That cost advantage strengthens Akash’s appeal in a rapidly expanding AI market.

Users can use AKT for payments, staking, and governance. Its flexible, scalable design makes it ideal for developers and AI projects that require significant processing power.

These features help position Akash as a top contender in the decentralized AI hosting space. However, it’s still too early to say if AKT can reach its previous highs again.

Is Bittensor (TAO) Next For A Breakout After 120% Gain In 30 Days?

Bittensor (TAO) is another decentralized AI project that has seen its native token gain traction.

Similarly to AKT, TAO is up more than 120% in the last 30 days. This rise is partly due to unconfirmed rumors of Grayscale registering a new trust tracking TAO, which could signal increasing institutional interest in the token.

Bittensor’s ecosystem rewards contributors for their work in machine learning, further cementing its position as a key player in the intersection of AI and blockchain.

Given the broader trend of AI-related tokens like GPT (ChatGPT) and AIX (Agix) showing strong momentum, Bittensor’s token could be the next in line for a breakout, especially if the Grayscale rumor is confirmed.

FOMC Meeting Could Open Door For More BTC, ETH Upside

The upcoming Federal Open Market Committee (FOMC) meeting on Monday, May 7, is poised to influence crypto market dynamics.

While the Federal Reserve is largely expected to maintain interest rates within the current range of 4.25% to 4.50%, investors will be keenly listening for any signs of a dovish shift in the central bank’s stance.

Historically, lower interest rates have tended to favor risk assets like crypto due to increased liquidity and a lower opportunity cost of holding non-yielding assets. Conversely, higher interest rates have signaled a preference for less risky assets like bonds.

In the present scenario, with the Fed having already implemented significant rate hikes throughout 2022 and early 2023, the potential for further rate increases is limited.

Therefore, the FOMC meeting could be pivotal in determining the next leg of the market. If the Fed pivots towards a more dovish tone, signaling future rate cuts, it could open the door for renewed upside in BTC and ETH.

Moreover, any commentary on inflation and the broader economic outlook will also be closely monitored by cryptocurrency traders.