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/USDT 4-hour chart. Source: TradingView
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