Near Protocol (NEAR) rallies 10% in a day as network growth skyrockets

LAGOS (CoinChapter.com) — While most tokens in the crypto market continue to plummet, Near Protocol’s native token (NEAR) has surged by double-digit on the day.

In detail, the NEAR protocol token surged by more than 10% in the last 24 hours, significantly outperforming several major coins. Tradingview revealed that the increase propelled the NEAR market cap to around $8 billion.

Currently, the 19th largest cryptocurrency, according to CoinGecko, NEAR, at the time of publication, was trading at $11.8. The rise means the token is now at its highest since May 1.

Notably, by breaking past the $8 mark that previously acted as resistance, NEAR could invalidate the downward trend that has previously governed its price action.

The surge took NEAR’s month-to-date and year-to-date earnings to below 20% and over 118%. Additionally, NEAR currently has a 24-hour trading volume of $892 million with a circulating supply of 680 million NEAR coins. Furthermore, the token tops the list of biggest gainers with a total supply of at least 1 billion.

The token has also rallied significantly since it raised $350 million in a funding round led by digital investor Tiger Global. However, despite the bullish price action, NEAR is still down about 45% from its all-time high in January.

Venture Capital Growing Interest Among Other Factors Catalyst For NEAR Rise

Near Protocol’s recent growth has been credited to several factors, including speculations that the protocol planned to roll out its stablecoin.

Zoran Kole, the founder of Crypto Insiders, had previously hinted that Near Protocol would launch a new stablecoin (USN). Through his popular Telegram group, Kole had disclosed that the Near’s new stablecoin would launch on April 20.

Furthermore, the growing interest in venture capital in Near protocol has also boosted the growth of cryptocurrency. CK Cheung, an investment analyst at DeFiance Capital, noted that VCs have high conviction in the protocol.

Similarly, Barry Silbert, CEO, and founder of Digital Currency Group, revealed that NEAR is the company’s third-largest crypto holding. Furthermore, Silbert indicated that NEAR comes behind the two largest digital assets by market cap, Bitcoin and Ethereum.

Experts also pointed out that many key opinion leaders and influencers are currently holding NEAR. As a result majority of these influencers are tweeting and canvassing support for the token growth.

Another factor responsible for the growth is the launch of the NEAR Foundation. It is worth noting that the foundation was unveiled to propel the development of network projects and new address numbers.

Near Protocol TVL Attains New All-Time High

Meanwhile, Near Protocol’s growth also extended to its total value locked (TVL) as it hit a new all-time high.

According to data from DefiLlama, NEAR’s TVL surged remarkably to a new all-time high of $602.59 million. Ref Finance is the leading contributor to the protocol’s TVL with $264.5 million.

Meanwhile, Burrow, Meta Pool, and LiNEAR Protocol are backing Near’s pool with $225.2 million, $97 million, and $12.4 million.

Additionally, Near Protocol users based also surged by 139% to 5.3 million in the first quarter of 2022.