Akash Network spikes 20% amid BME proposal buzz: Can AKT extend the rally?
Akash Network's AKT surged 20.2% to approximately $0.417, with trading volume exploding 981.7% to $54.47M, indicating intense speculative interest. This rally coincides with an upcoming on-chain vote for the Burn-Mint Equilibrium (BME) proposal, which would link token utility directly to network demand by burning AKT used for compute deployments. The upgrade also introduces WASM smart contracts for faster innovation.
AKT broke out of a prolonged consolidation range, now testing key resistance at $0.44. Technical indicators like MACD show strengthened buying pressure. Meanwhile, Open Interest surged 136.4% to $13.19M, yet funding rates remain deeply negative at -0.275%, suggesting a crowded short side. This divergence could lead to increased volatility if the rally continues, forcing liquidations. The price action near $0.44 is a critical test for the rally's sustainability.
ambcrypto03/08 21:02
