NEAR Protocol (NEAR), a layer-one blockchain designed to address the limitations of competing platforms, has experienced a remarkable 24.32% price surge in the past 24 hours.
The token is currently trading at $5.46, with a 24-hour low and high of $3.58 and $5.45, respectively. This impressive performance has propelled NEAR to the 21st spot among cryptocurrencies by market capitalization, which now stands at $5.69 billion.
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Gaming and DeFi Protocols Gain Traction
A closer look at the new user numbers and transaction data reveals that gaming and decentralized finance (DeFi) protocols built on the NEAR blockchain are gaining significant traction. These sectors dominate the weekly new user numbers and transactions, indicating a growing trend towards entertainment and financial applications within the NEAR ecosystem.
Interestingly, analyst Saeed points out that NEAR’s impressive new user growth does not perfectly correlate with the token’s price performance. This observation suggests that the network’s value is not purely speculative but is instead driven by its underlying utility and adoption.
