Akash Network's AKT Token Plunges 12%, Long Traders Suffer $56K Loss

Akash Network's AKT token experienced a significant decline of over 12% in 24 hours, resulting in a loss of $56K for long traders. The drop was accompanied by a decrease in trading activity and a sharp decline in market capitalization.

The price retracement wiped out recent highs, leaving buyers to defend the $0.595 zone, which previously acted as the breakout floor. A successful hold could open room for another attempt at the $0.906 ceiling, where the latest rejection occurred.

Despite the short-term volatility, the Burn-Mint Equilibrium upgrade, activated in March, has tied AKT supply directly to network compute spending, a mechanism the team has framed as a long-term tailwind. The pullback follows a strong year-to-date run for Akash, one of the leading AI-themed altcoins, up roughly 72% on the year before this week's decline.