AI Token AKT has doubled in value in 2023. The spike has largely been due to an expansion of the protocol that houses the digital currency, Akash Network, with new AI-powered products that could positively impact our personal and professional lives.
AI Token AKT, the native asset of the open protocol that lets users buy and sell computing resources efficiently and securely, has soared more than 100% year-to-date (YTD), data from crypto price tracker CoinMarketCap shows.
AKT achieved this feat in a market that turned bearish when it exchanged hands for $0.3984 on May 23, after testing a yearly high price of $0.411 on May 22 and opening the year with a trading price of $0.1856.
AI Token benefits from introduction of AI apps
AI Token AKT’s gains this year came from the launch of some new AI applications on the Akash Network in May. Due to the success of chatbot ChatGPT, which is helping individuals and businesses in their respective activities, Akash Network announced on May 17 the introduction of Auto-GPT, BabyAGI, and TerminalGPT on its platform.
Launched in March 2023, Auto-GPT is part of the next iteration of AI technologies that can simply generate text and code. As an advanced issue management system, BabyAGI was designed to transform the way organizations solve problems. While TerminalGPT recognizes and responds to questions and topics in real time.
On the day of the announcement, AKT responded well by reaching an intraday high price of $0.2893 and closed the day at $0.2868 after opening at $0.2674.
Overall, this was the root of extensive investor interest, which was reflected in an improvement in daily trading volume that took the token to a monthly high of approximately $1.9 million.
This explains why more than half of AKT’s gains (55%) this year have come in May.
Akash Network moves into top 500 projects by market cap
AKT commanded a market cap of around $46 million as of 10:00 UTC on May 23. This has taken the project above other AI and big data tokens such as Cortex (CTXC), Image Generation AI (IMGNAI), and SingularityDAO (SDAO) with AKT hovering around 405 on the all-time log.
While the project continues to trail established AI-backed tokens such as SingularityNET (AGIX) and Fetch.ai (FET), the introduction of new AI applications on the Akash Network could result positively in the fortunes of the token and possibly see it compete with well-established crypto assets in the future.
Disclaimer: This article does not constitute financial advice. Always DYOR.