Explosive Growth: NEAR Protocol Caters To 3 Million Daily Users

Christian Encila

8 months ago

4 mins read

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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.

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.

NEAR market cap currently at $5.5 billion. Chart: TradingView

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.

NEAR price projected to rise. Source: CoinCheckup

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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