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- NEAR Protocol is seeing a wide embrace with new addresses topping the 12.3 million mark.
- Should this growth trend persist, analysts are projecting a rally to $5.6.
NEAR Protocol has hit an important milestone with transactions reaching 450 million and new addresses soaring to 12.3 million within 30 days. This achievement demonstrates the increased interest and adoption NEAR is currently receiving in the crypto space
NEAR Protocol Sees Heightened User Engagement in June
In a Monday post, crypto analyst Masi on social media platform X outlined the NEAR Protocol’s June performance. According to the update, NEAR recorded 16.9 million active addresses in June, with 12.3 million being new. Meanwhile, the number of new addresses in May was 5.8 million. The average retention rate of May users in June is 55%, with an average of 400,000 per day.
📊 @NEARProtocol performance in June👇:
NEAR recorded 16.9 million unique addresses, with 12.3 million being new.
Users made 240 million txns, with an average STPS of 94.5 and an average transaction fee of $0.0004.
55% of May users returned in June for additional txns. 👇 pic.twitter.com/zT1WRALc3K
— Masi (@Masi_DN) July 8, 2024
With this record, Masi noted that NEAR has outperformed popular chains to become a top performer in June. Besides its impressive performance in regards to addresses, NEAR Protocol had a low transaction fee of $0.05 and a 99.7% success rate. In addition, the protocol excels with an average of 94.5 Success Transaction Per Second (STPS) and 240 million transactions.
As a result, NEAR is now ranked the second-top chain after Solana (SOL). The growth in NEAR can be linked to several strategic innovations and initiatives within the ecosystem. However, as highlighted in our previous article, the protocol’s pivot to Artificial intelligence (AI) has formed a major catalyst for growth.
The NEAR Protocol is on track to transform the AI sector with upcoming developments. To do this, the NEAR Foundation is making funds available for basic AI infrastructure to flourish. According to our article, the areas of fund coverage include data collection, computation access, and creative monetization strategy development.
Near features like chain signatures and the HERE wallet recently integrated into the protocol have further streamlined the user experience. This has made NEAR more accessible and user-friendly.
Impact on NEAR Token
Despite the increase in transaction volume and new addresses, the NEAR token has failed to see substantial increases in its price. According to our data, NEAR is currently ranked the 19th cryptocurrency by market capitalization, which stands at $4.9 billion.
At the time of publication, NEAR has experienced a 0.75% decline in the past 24 hours, now priced at $4.5. The trading volume, however, increased by 71% to $333 million, suggesting willingness from investors to scoop the token.
Surprisingly, the Money Flow Index (MFI), a key metric, is at 56, indicating an influx of investment, pointing towards growing buying interest. The MACD line crossing above the signal line, demonstrating a bullish signal indicator further solidifies this trend.
Market analysts claim NEAR could soar to the $5.6 level if the positive sentiment for the protocol begins to flow through the coin. A $5.6 price target for NEAR is not out of line because the token has surged from $5.22 to $8.50 between April and May, as noted in our earlier post.
