NEAR Token Lights Up: 22% Price Surge In Seven Days, Network Activity Skyrockets By 350%
October 27 2023 - 2:00PM
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NEAR Protocol, a Blockchain Operating System (BOS), demonstrated
notable growth in the third quarter of 2023, defying the
challenging conditions of the overall cryptocurrency market.
According to a recent report by Messari, key metrics for NEAR
Protocol surged significantly over the past month, buoyed by recent
price increases across the crypto market. Surge In Transactions
Drives Revenue Growth For NEAR Per the report, despite a moderate
downturn in the crypto market, with XRP and Grayscale facing court
rulings in their favor, NEAR Protocol showcased resilience. The
total crypto market capitalization dipped by 5.8%, with Bitcoin
(BTC) and Ethereum (ETH) experiencing declines of 7.5% and 10.0%
respectively. Within this context, NEAR’s circulating market
capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08
billion, while its fully diluted market capitalization decreased by
17% QoQ to $1.12 billion. Nevertheless, NEAR Protocol
maintained its position as the 40th largest crypto protocol by
market capitalization by the end of the quarter. One of the
highlights in Q3 ’23 for the protocol was the revenue growth, which
increased by 9% QoQ from $98,000 to $108,000. The average
transaction fee remained at a low $0.001 throughout the quarter.
Related Reading: FLOKI Outmuscles Top 100 Cryptos With 134% Price
Explosion – Details Regarding network activity, NEAR recorded
substantial growth in addresses during Q3 ’23. Active addresses
increased by 350% QoQ, reaching 260,000 daily active addresses,
while new addresses saw a 274% QoQ increase, totaling 51,000 daily
new addresses. This growth was primarily fueled by the launch
of KAIKAINOW, NEAR’s leading application, and supported by
contributions from the Web3 health and fitness app, Sweat Economy,
and Aurora, a solution that allows the execution of Ethereum
contracts in a “more performant environment” in the NEAR ecosystem.
TVL Drops To $52 Million In Q3 2023 According to Messari, NEAR’s
Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting
to $52 million by the end of the quarter. NEAR ranked approximately
35th among blockchains in terms of TVL. Within the NEAR
Network’s TVL, NEAR’s contribution accounted for $41 million (80%),
while Aurora contributed $11 million (20%). Regarding DEX trading
volume, NEAR reported an average daily volume of $1.3 million,
maintaining stability compared to the previous quarter. NEAR ranked
approximately 30th among DEX trading volumes. Related Reading: PEPE
Price Leaps 90% As Meme Coin Reaches Over 155,000 On-Chain Wallets
NEAR’s stablecoin market capitalization experienced a 27% QoQ
decline, primarily driven by reductions in USDC and USDT. However,
the native USDC was launched on NEAR during this period, while USN,
the winding-down stablecoin from Decentral Bank, remained
unchanged. NEAR Token’s Bullish Momentum Continues Regarding price
action, as observed in the 1-day chart below, NEAR Protocol’s
token, NEAR, has broken a prolonged downtrend that commenced on
July 20 and concluded on August 18, leading to a phase of
accumulation. However, on October 19, the token initiated an
uptrend, resulting in significant gains of 12% over the last 30
days, 22% within the fourteen-day timeframe, and 22.3% in the past
week. Presently, the token continues its rally, exhibiting a 2.6%
surge in the past 24 hours, bringing the current trading price to
$1.23. When considering the year-over-year period, the token
remains significantly below its high in 2022, experiencing a
decline of 60% over this duration. Furthermore, for NEAR to reclaim
its 2023 yearly high, which stood at $2.83 and was achieved in
April, the bullish momentum must persist. It remains to be seen
whether the token can sustain its current bullish momentum and
establish a new yearly high, capitalizing on the rallies witnessed
by the largest cryptocurrencies in the market in the upcoming
months to generate further profits. Featured image from
Shutterstock, chart from TradingView.com
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