DePin Sector Update

Monday, July 8, 2024 4:26 PM
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Decentralized Physical Infrastructure Networks (DePin) are revolutionizing technology by facilitating decentralized initiatives in real-world infrastructure. Nuklai has partnered with Filecoin to archive global data, enhancing AI capabilities with comprehensive data insights. The collaboration will leverage Lighthouse Storage’s solution for efficient data storage on Filecoin’s decentralized network. Meanwhile, the Opentensor Foundation has outlined post-hack recovery plans following a security breach that led to a loss of 32,000 TAO tokens valued at approximately $8 million. Lastly, Silencio, a decentralized app combating noise pollution, has reached a milestone of 5 million check-ins, utilizing a community-driven approach on the PEAQ blockchain.

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Bittensor's native token TAO has recently surged by 18%, reaching a price of $490, just shy of the critical psychological barrier of $500. This impressive rise positions TAO at the forefront of daily gainers, outpacing other notable cryptocurrencies, including privacy-focused Zcash, which saw a 15% increase within the same timeframe. The surge in TAO's price is attributed to a combination of institutional advancements and the recent announcement of the world's first staked Bittensor Exchange Traded Product (ETP), launched by Deutsche Digital Assets and Safello. This development has generated renewed interest in digital asset investment products, further propelling TAO's growth. The launch of the ETP, secured by BitGo Europe and based in Liechtenstein, aims to bridge traditional finance with decentralized AI, potentially unlocking significant institutional capital in Europe that has previously been hindered by regulatory challenges. Analysts are optimistic about TAO's price trajectory, suggesting that a sustained close above $500 could lead to a breakout towards $700, with the potential for new all-time highs. Despite the inherent volatility of the cryptocurrency market, the outlook remains bullish, particularly with the upcoming Bittensor halving and major ecosystem upgrades on the horizon. Bittensor has now established itself as the largest AI token by market capitalization, valued at $4.69 billion. This growth comes amid a broader market uptick in AI-related projects, although the overall artificial intelligence token category has seen a slight dip of 1.2% in total market capitalization. Investor enthusiasm for Bittensor is further fueled by recent gains in AI-focused equities from major players like Nvidia and Microsoft. As whale accumulation and halving sentiment continue to build, Bittensor's trajectory is one to watch closely in the coming months.
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AKT Surges 31% Amid Market Recovery and AWS Outage
The Akash Network's native token, AKT, experienced a remarkable surge of 31% over the weekend, largely driven by a broader recovery in the cryptocurrency market. Bitcoin's resurgence above $115,000 played a significant role in lifting AKT's price, but as of the latest updates, it struggled to reclaim the $1 mark. While there was optimism about the potential for AKT to reach $1.5 if it could first stabilize above $0.85, profit-taking activities appeared to be hindering further gains. This recent upswing in AKT's price coincided with notable whale activity, as reported by CryptoQuant. The presence of large orders in the spot markets suggested that significant players were engaging with AKT, contributing to its sharp rally. Additionally, the timing of this surge followed a major outage at Amazon Web Services (AWS), which affected numerous Web3 applications. Akash Network, as a decentralized cloud provider, capitalized on this situation by positioning itself as a reliable alternative, emphasizing the importance of avoiding single points of failure in cloud services. Despite the positive momentum, the market showed no signs of excessive froth that could lead to liquidation risks. Current indicators suggest that the market is in a 'Cooling' phase, which may prevent drastic reversals. However, the influx of tokens into exchanges indicated that profit-taking was prevalent during the weekend's price pump. Until this profit-taking subsides, AKT may continue to face challenges in breaking through the $1 barrier, with bulls needing to regroup for another attempt at higher targets.
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