Explosive Growth: NEAR Protocol Caters To 3 Million Daily Users
October 10 2024 - 12:00PM
NEWSBTC
As of Q3 2024, CryptoRank stated that 3 million addresses were
active every day on NEAR Protocol, making it a major player in the
blockchain world. This huge number is higher than both Tron (2
million daily active addresses) and Solana (2.4 million daily
active addresses) during the same time period. Related Reading: $6
Million ETH Sale: Ethereum Foundation Joins Whale Liquidation
Frenzy The growth of NEAR is in line with a larger trend in the AI
cryptocurrency market. This shows that blockchain and AI are
becoming more and more intertwined. This point of contact is
driving more and more technological progress and user engagement
across these channels. Surge In The AI-Cryptocurrency Sector One of
the most important factors influencing user engagement on NEAR is
the rapid growth in AI-related decentralized applications or dApps.
As DappRadar reported, AI dApps increased by 70% compared with the
previous quarter in Q3. The survey indicated that AI dApps garnered
4.3 million daily unique active wallets, illustrating the growing
interest in this sector of the cryptocurrency industry. NEAR
Protocol has swiftly leveraged this trend by establishing
collaborations with major corporations such as Nvidia and Alibaba
to augment its AI capabilities. With this further integration with
AI, in addition to NEAR’s strong growing ecosystem, the network
finds itself at the helm of innovation in this emerging blockchain
landscape. Although the ecosystem is still experiencing positive
growth, market sentiment remains cautious as the price of the
protocol decreased by 2.36% to $4.87, along with a more than 30%
decrease in trading volume. NEAR Protocol: Price Fluctuations Amid
Market Ambiguity The current price difficulties of NEAR can be
ascribed to overarching market conditions rather than the
protocol’s intrinsic value. Despite the optimistic outlook
suggested by daily active addresses and collaborations, recent data
indicates a 0.4% reduction in NEAR’s circulating supply, now
totaling 1.11 billion tokens. The protocol’s market capitalization
now stands at $5.42 billion, ranking it 23rd overall in the market.
Related Reading: Could XRP Finally Hit $1? Key Factors To Consider,
According To Analysts Price Forecast Indicates Rebound Potential
The medium-term prognosis for NEAR is predominantly favorable.
Technical analysis forecasts an upward trend in the forthcoming
seven days, with the token presently trading 220% beneath its
projected value for the subsequent month. During a three-month
interval, the price is anticipated to rise by 240%, indicative of
favorable market sentiment and heightened adoption. Prolonged
projections are similarly positive, with a six-month growth
anticipated at 178% and a one-year projection indicating a 165%
increase. Although short-term price fluctuations may indicate
general market instability, the long-term prospects for NEAR are
clear. Investors must keep tabs of forthcoming ecosystem
advancements and AI trends to assess the protocol’s price
trajectory. Featured image from Pexels, chart from Avark
NEAR Protocol (COIN:NEARUSD)
Historical Stock Chart
From Oct 2024 to Nov 2024
NEAR Protocol (COIN:NEARUSD)
Historical Stock Chart
From Nov 2023 to Nov 2024