Explosive Growth: NEAR Protocol Caters To 3 Million Daily Users

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As a seasoned researcher with a keen interest in blockchain technology and its intersection with AI, I find myself intrigued by the explosive growth of NEAR Protocol. Having closely followed the development of various blockchain projects over the years, it’s fascinating to see NEAR outpace some of the more established players like Tron and Solana in terms of daily active addresses.

In Q3 of 2024, according to CryptoRank, NEAR Protocol boasted approximately 3 million daily active addresses, positioning it as a significant force in the blockchain sector. Remarkably, this figure surpasses both Tron’s (around 2 million) and Solana’s (approximately 2.4 million) daily active addresses during the same 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

A significant contributor to user involvement on the NEAR platform is the surge of AI-focused decentralized applications (dApps). According to DappRadar’s data, there was a 70% rise in AI dApps during the third quarter compared to the last one.

It’s clear from a recent survey that AI applications on blockchain platforms (dApps) are attracting approximately 4.3 million unique, active wallet users daily, demonstrating the rising curiosity in this area of cryptocurrency. Quickly capitalizing on this trend, NEAR Protocol has formed strategic partnerships with significant companies like Nvidia and Alibaba to enhance its AI capabilities.

Moving forward, the AI integration significantly boosts NEAR’s already thriving network, placing it at the forefront of innovation within the rapidly developing blockchain industry. While the ecosystem continues to expand positively, there’s a note of caution in the market as the protocol’s price dipped by 2.36% to $4.87, and trading volume saw over a 30% decrease.

NEAR Protocol: Price Fluctuations Amid Market Ambiguity

The challenges with NEAR’s current price seem to be more related to broader market trends rather than the inherent worth of the protocol itself. While there are encouraging signs such as rising daily active addresses and collaborations, recent statistics show a decrease of approximately 0.4% in the circulating supply of NEAR tokens, bringing the total to about 1.11 billion. At present, the market capitalization of NEAR is $5.42 billion, placing it at number 23 in the overall market ranking.


Price Forecast Indicates Rebound Potential

Looking ahead, the outlook for NEAR appears generally positive according to technical analysis. Over the next seven days, there’s a predicted upward trajectory for the token. Currently, it’s trading at about 220% below its projected value for the following month. In the span of three months, the price is expected to increase by approximately 240%, suggesting strong market sentiment and increased adoption, which are both favorable signs.

Long-term forecasts remain optimistic, with expectations of a 178% growth within the next six months and a predicted 165% increase over the course of a year for NEAR. While short-term market volatility might suggest instability, the future outlook for NEAR is evidently promising. It’s crucial for investors to monitor upcoming developments in the ecosystem and AI trends to gauge the potential direction of the protocol’s price movement.

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2024-10-10 19:16