Near Blockchain Demand Soars, Daily Transactions Hit Record High
Is demand for NEAR rising?
Demand for the Near Blockchain [NEAR] has significantly increased in recent weeks. This has led to a new all-time high in daily transaction count.
Record number of daily transactions
The Near Blockchain [NEAR] recently reached a new high of 1.68 million daily transactions, as data from The Block shows. Since October 16, the daily transaction count, based on a seven-day moving average, has increased by 30%.
Rising demand for NEAR
The increase in daily transactions is due to an increased demand for NEAR in recent weeks. According to Artemis, the daily number of unique wallet addresses that made at least one transaction on Near increased by 13% between October 21 and November 19.
Impact on DeFi
The increased demand for NEAR has also had effects on the protocol’s decentralized finance (DeFi) sector. Data from DefiLlama shows that the total value locked (TVL) in the chain has increased by 21% in the last week and by 50% in the last month.
Current state of NEAR
At the time of publication, the price of the protocol’s native coin was at $1.92. In the last month, the price has increased by 89%. The last time the coin was traded this high was in April, as data from CoinMarketCap shows.
Continued accumulation of NEAR
Despite a sideways movement of the general market due to profit-taking after a prolonged price increase, the accumulation of NEAR has continued to increase. Key indicators show that NEAR traders continue to prefer the accumulation of coins over distribution.
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Overheated market?
At the time of publication, however, the price of NEAR was trading above the upper band of its Bollinger Band indicator. This suggests that the market could be overheated. Setbacks are common at this point, as it is usually difficult for buyers to maintain the price increase.
Sources: The Block (https://www.theblockcrypto.com/), Artemis (https://artemis.io/), DefiLlama (https://defillama.com/), CoinMarketCap (https://coinmarketcap.com/), TradingView (https://www.tradingview.com/)
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