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Highlights
- New Kind of Network or NKN crypto primarily acts as an open-source protocol to connect with peer-to-peer networks to share bandwidth and the internet.
- Launched in 2019, NKN mainnet has more than 25,000 full consensus nodes, more than Bitcoin and Ethereum.
- NKN crypto, according to CoinMarketCap, was trading at US$0.126122 with a volume of US $7,70,48,538 over a day.
New Kind of Network or NKN crypto primarily acts as an open-source protocol to connect with peer-to-peer networks to share bandwidth and the internet. Launched in 2019 by Stephen Wolfram and Whitfield Diffie, NKN mainnet has more than 25,000 full consensus nodes, more than Bitcoin and Ethereum.
Due to this high concentration of consensus nodes, it is the most significant blockchain network at present. The NKN crypto has recently witnessed a considerable rally registering over 81% in the past 30 days.
Even on 15 July, the NKN crypto witnessed a rally of around 43.6% at 1.50 PM (GMT +1). From the volume perspective, it also saw a massive gain of over 2400% over a day.
Why is it rallying?
Although the exact NKN crypto is unknown, it can be seen as a continuation of its previous rallies. Earlier this month, NKN had announced, on its Twitter platform, giving ASUSTOR devices to a few lucky members.
Various use cases of the NKN cryptos include the Content Delivery system, Edge computing, nShell features, which give remote access to a user’s system, etc. NKN's consensus algorithm operates on the Cellular Automata model and is designed to scale to arbitrary numbers of equal consensus nodes.
If one were to look at the charts, it would indicate a sudden interest in the token, with the RSI of the token witnessing a huge spike to be placed at 70.32.
Image credit: Trading View
The MACD is a little more sedate, indicating the momentum could be marginal, with the signal line and MACD line appearing almost parallel.
How is NKN crypto's price faring?
NKN crypto, according to CoinMarketCap, was trading at US$0.126122 with a volume of US $7,70,48,538 over a day. The 200-ranked crypto enjoyed a market cap of US$8,82,85,326 with a maximum supply of 1,00,00,00,000 NKN coins.
While the rallies have been impressive, it's important to note that in the cryptosphere, things can change quickly, and prices can change overnight. Therefore, it's essential to make investment decisions based on proper research so that one doesn't get into something they have little understanding of.
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