NKN Price Up 37% After Team Releases October's Monthly Report
NKN price is up over 37% today making it the biggest gainer on Crypto.com followed by UMA (+34%) and Boson Protocol (+16%). Let’s take a closer look at NKN and see what all the hype is about.
What Is NKN?
NKN is a brand new type of a Peer-to-Peer network protocol and ecosystem powered by its own public blockchain. NKN’s network allows for the sharing of network bandwidth and Internet connectivity via a P2P model.
According to NKN’s official website:
“[NKN] uses economic incentives to motivate Internet users to share network connections and utilize unused bandwidth”
The selling point of NKN is its revolutionary P2P network which essentially allows users to sell their internet connection in return for NKN tokens.
Currently, there are over 96 thousand NKN nodes running all over the world. Moreover, NKN works without the direct use of an IP address which ensures privacy and security both for the host and the user.
To clear up some confusion, there are two versions of NKN tokens. There’s the ERC20 version and the NKN mainnet version. You can easily swap between the two version, one is utilized for trading and the other is used to access the NKN network.
Why Is NKN Price Rising?
When I was trying to access the NKN official website I noticed that it was loading relatively slow. That might be due to the influx of traffic that the project has been receiving.
Looking at the Alexa stats of their website we can see a recent uptick in visitors, which is probably the reason for the slow loading.
The real question is, what’s causing the hype around NKN? The most recent news we have is NKN’s monthly report for October 2021 that was release on November 5th.
In the report, it states that
- NKN completes Coinbase’s Earn Campaign ( a learning campaign on Coinbase that rewarded users for completing lessons about NKN)
- Coinbase Pro adding $EUR and $GBP fiat pairs to $NKN
- NKN mainned v2.1.7 is out and introduces fast and light sync
- NKN & GitCoin GR11 Hackathon Winners and Prizes announced.
In my opinion, the biggest driver for NKN is the Coinbase Pro listing along with the vastness of the current NKN blockchain network.
Dubbed “the biggest blockchain network in the world” NKN has a huge amount of community support which shows through its increasing price and market cap.
NKN Price & Tokenomics
At the time of writing NKN is currently trading at $0.67 and up over 37% in the past 24 hours. NKN’s market cap is at $478M making it the 158th largest cryptocurrency.
Looking on CoinGecko, most of the trading volume for NKN is coming from the Coinbase Exchange and Binance. Those are both extremely reputable exchanges, which means NKN has been thoroughly vetted.
The long term outlook of NKN is extremely positive and in my opinion a market cap of $750M to $1B by EOY is not unreasonable for this project.
As always this is not trading / investment advice. Always do your own research before buying any cryptocurrency.
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Originally published on The VR Soldier
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