One telltale sign of a growing altcoin season is when obscure and lesser-known projects start putting on face-melting gains as traders scramble to jump on the rising price.
New Kind of Network (NKN) has emerged over the past month as one of these surprise gainers, increasing 1,400% from a low of $0.052 on March 8 to a new all-time high of $0.779 on April 6.
NKN is a peer-to-peer network connectivity protocol and ecosystem that uses economic incentives to “motivate internet users to share network connections and utilize unused bandwidth.”
Since its launch in January 2018, the project has steadily grown its active community to quietly become the “biggest blockchain network in the world in terms of full consensus nodes” according to the project’s website, with 67,266 nodes currently operating on the network and the capability of supporting millions of full consensus nodes.
Binance staking helps ignite NKN price
The price action for NKN really began to pick up following Binance’s March 11 announcement that NKN holders could earn 20% APY on their holdings if they deposited them into their Binance savings account.
Momentum for the project continued to build over the following weeks as movements in the token price began to attract additional attention.
The solutions offered by the network have also helped increase its user base, with products like the nMobile messenger which offers a private messaging service capable of competing with WhatsApp and nConnect which is a unique remote access solution with a focus on maintaining security and privacy.
When we say NKN is the indispensable networking foundation for web 3.0, we don’t mince words.
– 100% private p2p communication
– Over 52,000 unstoppable community nodes
– Killer apps like Surge, nConnect, nMobile$NKN #BUIDL #web3https://t.co/k4YPzkw9YQ pic.twitter.com/bRVaamTJmv
— NKN (@NKN_ORG) April 2, 2021
According to NKN co-founder and co-CEO Bruce Li, the performance of…