AI-Focused Altcoin Rallies After Coinbase Places Crypto Project on Listing Roadmap
One artificial intelligence (AI) altcoin project is rallying after top US crypto exchange Coinbase announced a possible future listing of the token.
In a new announcement, Coinbase says it is adding Akash Network (AKT) to its “listing roadmap,” which alerts customers that the exchange could soon add support for certain assets.
As the news broke Monday, AKT shot up from a day low of $3.91 to $4.38 at time of writing, a more than a 10% gain.
Akash Network is a decentralized open-source cloud network that supports decentralized finance (DeFi) applications and organizations, as well as machine learning, blockchains and AI.
The listing roadmap was created in 2022 to increase transparency and reduce the possibility of investors front-running new trading support announcements, according to Coinbase.
Influential figureheads within the crypto industry have been bullish on AKT as of late.
Venture capitalist Arthur Cheong said AKT is a project with huge upside potential.
Said Cheung,
“An extremely promising project with good fundamentals and industry tailwind. 2x over a week while almost [no one] on [crypto Twitter] talks about it. A good validation that you don’t have to chase every short-term narrative to make outsized gains as this tailwind has [been active] since January.”
The pseudonymous trader known as Altcoin Psycho called AKT his “new favorite altcoin” back in 2021 and recently predicted the project’s market cap will grow to place it among the top 50 digital assets.
AKT currently ranks 91 with a market cap of $987.6 million.
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