NKN has been one of the top gainers of the day with a positive change of 26% during the past twenty-four hours. The weekly performance shows an increase of 47%. The month of October had not been good for the cryptocurrency as it was under strong market corrections and could not sustain any upside movement. However, the beginning of the new month brought good news and bullish momentum for the token as it has been on a sharp uptrend. At the time of writing, NKN token stands at a price level of $0.73. It stands at a market rank of #149 but is rated as one of the top coins in terms of recent performance.
What is NKN?
NKN or New Kind of Network is not new to the market but it does have a unique and new offering for the cryptocurrency market which has resulted in the hype around the cryptocurrency. The network was launched in 2018 with the mainnet being introduced in 2019 and in three years, it has managed to cement its position in the market by becoming the largest blockchain in terms of full consensus nodes with 25,000 nodes.
NKN focuses on using economic incentives to utilize the unused bandwidth on the internet. It essentially acts as a peer-to-peer network powered by blockchain technology for cheap bandwidth. It also focuses on the development of decentralized applications through increasing peer-to-peer data connectivity and transmission.
Future outlook
The month of October had been bearish for the cryptocurrency despite some good developments on the network. The November price rally may be due to the delayed effects of the developments. During the previous month, NKN completed Coinbase Earn Campaign. Coinbase pro also added additional pair for the cryptocurrency in Euro and Pound on account of high demand. The mainnet v2.1.7 also introduced fast and light sync. Moreover, NKN successfully held a Hackathon in collaboration with Gitcoin.
NKN is believed to play a vital role in the Web 3.0. The three pillars of the Web 3.0 are computing, storage and networking and while the first two pillars are covered by existing projects, New Kind of Network is regarded to be the third pillar of the new generation of internet.
NKN is believed to possess high potential which gives it a bullish outlook. According to the estimates of Wallet Investor the cryptocurrency is expected to eb operating at a price level of $0.98 while the five-year projection places it at $2.43.
