Akash Network’s AKT rises 10% as Coinbase adds it to its roadmap

Coinbase has announced that it is adding Akash Network to its roadmap. That signals the potential listing of AKT on the platform, enabling customers to trade the token in the market. It caused a surge of nearly 10% in the valuation. While AKT has retraced to a lower value, the community is ready for the next official announcement. Until then, Coinbase has warned customers not to add AKT to their accounts, which may lead to losing their holdings.

Also, AKT’s market cap skyrocketed to more than $1 billion. That is a momentum that remained constant at the time of drafting this article.

Three reasons why adding AKT to the roadmap of Coinbase has an uptick in the valuation are potential legitimacy, accessibility, and a shift of interest by investors. The historical context makes the current trend obvious, considering RNDR, MOBILE, and BONK also experienced a surge in their valuation following the addition to the roadmap.

For instance, Render marked a surge of 10% during the last days of January this year. MOBILE reacted after a couple of hours but still managed to rise by 20%. BONK soared at the end of 2023 and even more when Coinabse added Bonk Inu to the list.

That said, retracement is obvious for other tokens as well. RNDR is down by 0.12% in the last 24 hours. MOBILE and BONK have plummeted by 2.19% and 0.36%, respectively, in the said time window. The previous seven days have nonetheless seen the numbers grow except for Helium Mobile, which is down by 0.75%.

AKT, RNDR, and BONK are up by 24.83%, 19.38%, and 15.33% in the same order. Their current values are $4.76, $7.49, and $0.00001381, respectively.

When tokens, in this case AKT, are officially listed on Coinbase, there is anticipation that their value will soar. Akash Network is currently in an experimental jurisdiction. The token must meet the set criteria before officially being listed on the platform. Customers have to register on Coinbase to trade the available tokens in the listed trading pairs. 

Our Coinbase review sheds light on how to register on the platform and start trading an asset. It is imperative to note that transfers and trading are supported only after Coinbase lists the token and an official announcement is made via native channels (websites, social media, etc.).

AKT is likely to experience a rise in the value of BTC and ETH, just like other tokens. Both cryptos are rising significantly amid the speculation of Bitcoin Halving and Spot Ether ETF. The processes could happen in the middle of 2024 and by the end of the year, respectively. Bitcoin Halving has a better chance of happening than the approval of Ether ETF, which would be confirmed once the US SEC makes an official announcement about it.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button