NEAR Protocol Sees Surge in Activity and Trader Interest
Key Takeaways
- NEAR Protocol saw an increase in daily transactions and addresses.
- Open Interest (OI) for NEAR reached an eight-week high, indicating growing interest from derivatives traders.
- Positive funding rates and a growing market for artificial intelligence (AI) coins support the bullish sentiment.
Strong Surge in Network Activity for NEAR
NEAR Protocol has experienced a significant increase in daily transactions over the past few days. According to data from NearBlocks, the number of daily transactions reached nearly a two-week high of 7.33 million. A week ago, this figure was 6.7 million. This increase indicates high network activity, further fueling the demand for NEAR.
At the same time, the number of newly created addresses on the blockchain rose significantly. At the beginning of the month, there were 687,000 new addresses. Since September 5, around 900,000 new addresses have been added daily. This shows strong growth and interest in using the network.
Decentralized Applications (DApps) Drive Transactions
Not only trading but also activity in decentralized applications (DApps) contributes to the high transaction numbers. According to DappRadar, monthly DApp transactions increased by 14% to over USD 182 million. However, monthly DApp volumes fell by 54%, possibly due to recent price fluctuations of NEAR.
Open Interest at an Eight-Week High
The derivatives market also shows growing interest in NEAR. Open Interest, which refers to the number of open positions, reached USD 184 million, the highest level since July 25. This suggests that traders are increasingly speculating on future price gains.
Funding rates, which reflect the cost of holding positions in derivatives, are also positive. At 0.0112%, they reached their highest level since June. This shows that many traders are betting on rising prices and predominantly holding long positions.
The Influence of AI Coins on NEAR
Another factor driving the positive sentiment around NEAR is the growth in the AI coin sector. In recent weeks, the market capitalization of these coins rose from USD 22 billion to USD 32 billion. NEAR is the largest AI cryptocurrency in this space, holding a market share of over 15%.
Our Assessment
Recent developments surrounding NEAR Protocol indicate strong network usage and growing interest from traders. The increasing transaction numbers, the growth of new addresses, and the high Open Interest all point to a solid foundation for further growth. Despite the volatility in the DApp sector, the long-term outlook for NEAR remains positive, particularly due to the growing importance of AI coins.
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