NEAR, the native token for decentralized applications (dApps) platforms and Near Protocol’s competitor, has seen its price rise over the last 24hrs.
Tracking from CoingeckoAt the time of writing the cryptocurrency is currently trading at $2.98, up 1.2% from its intraday prices.
Altcoin continues to suffer significant losses. The coin is currently down by 15.4% for the week and -14.6% the past 14 days. The coin’s monthly decline is almost 30%.
But as bleak as the situation may be for the altcoin, hope is not lost as Near Protocol’s recent developments and activities could help the asset mount a bounce back rally.
Near Protocol Active User Increase
Renowned crypto analytics firm Messari shared on Twitter that the protocol outperformed many of its competitors with the help of the “Sweat Economy.”
Like STEPN and Sweat Economy both allow users to earn tokens by simply moving.
NEAR’s platform for native tokens also experienced a significant increase in users. This is a sign of growing interest in the dApp, and perhaps its governance crypto.
🎉Sweat Wallet: Over 3.5 Million active users within the first month💧
A remarkable user base. We are grateful for everyone’s support. We’ll keep developing new utility and features to inspire you to move 😀🚶 pic.twitter.com/VFFTpUL9Iv
— Sweat Еconomy 💧 (@SweatEconomy) October 17, 2022
NEARCON 2022, held in Lisbon, showcased NEAR’s best and most community. It was announced that 20 million accounts now exist, more than double the number of users in July.
Near Protocol welcomed 14,000,000 new users to Sweat Economy. Each user had their own Move-to-Earn app.
NEAR continues to grow rapidly and has proven that it is capable, once more, of hosting millions of users in over 800 apps using the protocol.
It’s not good to predict the price of a product.
Near Protocol has enjoyed recent success, which is one reason its native token NEAR hopes to rise from its current slump.
The crypto asset will see a decline as Coincodex predicts a further price fall.
“Sweat to Earn?”@NEARProtocolThis was a significant increase in daily active users relative to the average.
The reason for the surge was @SweatEconomyPlease see: @Stepnofficial-esque move-to-earn application. pic.twitter.com/irzT7LNAGR
— Messari (@MessariCrypto) October 15, 2022
Online crypto data provider says the altcoin’s value will plummet to $2.65 within five years. The cryptocurrency’s 30-day outlook is bearish, with the possibility that the currency could plummet to $1.22.
NEAR contains 25 indicators which signal bearish momentum towards crypto. It scored 20 on Fear and Greed Index. This indicates that there is severe fear about the altcoin.
Featured image from Freepik, Chart: TradingView.com| Featured image from Freepik, Chart: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.