NEAR Platform Active Users Soar – ‘Sweat Economy’ Boosting Token’s Price?

Christian Encila

2 years ago

3 mins read

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NEAR, the native token of decentralized application (dApp) platform and Ethereum competitor Near Protocol, managed to pump its price over the last 24 hours.

According to tracking from Coingecko, at the time of writing, the crypto is trading at $2.98 and was up by 1.2% on its intraday price.

The altcoin, however, is still reeling from significant losses as it is still down by 15.4% over the past week and is -14.6% for the past 14 days. On a month-to-date scale, the coin is down by nearly 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 Users Increase

Renowned crypto analytics firm Messari shared on Twitter that the protocol outperformed many of its competitors with the help of the “Sweat Economy.”

Sweat Economy, much like the STEPN, is a move-to-earn fitness application which enable users to earn tokens just by moving their body.

The platform of native token NEAR also recorded a massive surge in terms of active users, indicating growing interest for the dApp and maybe its governance crypto.

?Sweat Wallet: 3.5 million active users in the first month?

An incredible user base. Thank you to everyone for your support! We’ll keep developing new utility and features to inspire you to move ?? pic.twitter.com/VFFTpUL9Iv

— Sweat Еconomy ? (@SweatEconomy) October 17, 2022

During the NEARCON 2022 in Lisbon which showcased the best of NEAR ecosystem and community, it was revealed that there are now 20 million accounts, doubling the 10 million user count in July this year.

Sweat Economy accounted for 14 million new users that entered the Near Protocol with their own move-to-earn app.

With the tremendous growth, NEAR has once again proven it can welcome millions of users across more than 800 apps running on the protocol without a hitch.

Price Prediction Not Looking Good

The recent success being enjoyed by the Near Protocol is one hope its native token, NEAR, is counting on to get out of its current slump.

But things will take a turn for the worse for the crypto asset, as Coincodex predictions point at another price dip.

“Sweat to Earn?”@NEARProtocol had a massive spike relative to the average number of daily active users on the platform.

The spike was driven by @SweatEconomy, a @Stepnofficial-esque move-to-earn application. pic.twitter.com/irzT7LNAGR

— Messari (@MessariCrypto) October 15, 2022

The online crypto data provider predicts the altcoin will fall to $2.65 over the next five ways. Meanwhile, the 30-day forecast for the cryptocurrency is more bearish as the asset could fall all the way to $1.22.

NEAR has 25 indicators that signal bearish momentum for the crypto which scored 20 on Fear and Greed Index, suggesting there is extreme fear towards the altcoin.

NEAR market cap at $2.5 billion on the weekend chart | Featured image from Freepik, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.