Akash Network, a prominent player in the decentralized cloud computing sector, has seen its native token, AKT, surge in value, with a 9% increase in the last 24 hours. The token is currently trading at around $4.48, with a daily trading volume of $51.7 million, up 495%. Despite the recent price rally, AKT remains 40% below its all-time high of $7.41, reached in April 2021.

The price surge coincides with Akash Network's inaugural full-day summit, Akash Accelerate, which focused on the expansion of permissionless computing and decentralized AI (DeAI). The event, held in Austin, TX, brought together hundreds of participants from the decentralized computing space, showcasing the network's growth and its evolving ecosystem of projects, companies, and protocols.

Key collaborations and presentations at the summit highlighted the capabilities and advantages of using Akash's Supercloud for high-performance computing. Prominent institutions like the University of Texas at Austin and leading AI companies such as Nous Research, Brev.dev, and Morpheus participated in the summit, discussing the practical applications of decentralized infrastructures.

The University of Texas at Austin, for instance, is leveraging Akash's decentralized infrastructure to provide researchers with access to high-performance GPUs, essential for cutting-edge research in AI, without the limitations and high costs associated with traditional cloud providers.

The event also unveiled a roadmap for Akash's development over the coming years, presented by CEO Greg Osuri. His keynote addressed the strategic direction and anticipated enhancements to Akash's platform, which are expected to further improve its infrastructure and solidify its position in the decentralized cloud market.

This announcement has likely contributed to the renewed investor interest and optimism surrounding AKT, as it showcases Akash's commitment to scaling and improving its services.

AKT's surge comes at a time when the global cryptocurrency market is experiencing a downturn, with a 3% drop bringing its market cap to $2.45 trillion. Bitcoin, the pioneering cryptocurrency, has also experienced a similar drop, currently exchanging hands at $67,206.