The Akash Network (AKT) grew again as the platform gained investor interest in the decentralized cloud computing scene. According to Coingeckothe token has risen 20% since last week as the fear, uncertainty and doubt the market was experiencing subsided.
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The platform is slowly expanding its business with new additions to Akash, which will benefit both investors and consumers of Akash services. Coupled with the general bullishness of the market, it appears that AKT will experience tremendous growth in the long term.
Network Utility reaches almost half while the number of tenants doubles
August 10 revealed that the platform’s GPU utilization rate has reached over 43% as the number of Akash GPU tenants increased. In one interview On Bare Metal Podcast, Akash founder Greg Osuri said the network’s usual customers tend to be smaller companies without access to high computing power.
Utility rate on @akashnet_ currently stands at 📸: 43% .
It’s quite consistent, so who rents from them? 🤔@gregosuri gives us a hint: funded non-crypto companies that can’t get access to generalized GPU computers anywhere else.$AKT guarantees access to the resources of its market. pic.twitter.com/0pbu8zktPd— Akash Alpha (@akashalpha_) August 9, 2024
“All these companies…how hard is it for them to get on-demand access to A100s. “If you don’t have a hundred million dollars in your bank account and you’re not funded by Amazon, Google or Microsoft, it’s impossible to get high-density computing power,” Osuri said.
The A100 is one of NVIDIA’s top-end data center GPUs built specifically for machine learning applications. Immediately market price of $10,000, small businesses that are not heavily funded may have difficulty obtaining this important piece of hardware for data-related needs. According to Osuri, Akash’s biggest selling point is its open access.
“So today it’s impossible if you’re a company trying to get GPUs,” Osuri said, highlighting the difficulties companies face in acquiring large assets like the A100 GPUs, which are essential for data-heavy workloads .
In this sense, Akash has succeeded in providing small businesses with access to high-density computing power. A quick look at Akash’s website reveals that A100 rental rates are just $2.08 per hour, with the lowest being $0.75. This provides an edge over its competitors in the same niche, while its aggressive pricing gives small businesses the best bang for their buck in terms of computing power.
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Can this growth boost the Akash network even more?
AKT is experiencing high price growth pressure as the utility of the network grows, putting them in the spotlight. With the token’s current position, we could see a return to $3 in the long term as more consumers use the platform.
However, AKT’s correlation with the broader market could hurt the token in the long run. However, the market continues its gradual upward movement, giving investors and traders confidence in the long-term performance of the token.
Featured image from Verizon, chart from TradingView
