NEAR Protocol Surges 23% Amid The Latest $350 Million Funding

Time Stamp: April 8, 2022 12:29 PM
Source Node: 1254338

NEAR protocol surges 23% amid the latest $350 million funding and the coin enjoyed a steady 24-hours following the news so let’s read more in today’s latest cryptocurrency news.

The NEAR token powers the blockchain network increased almost 23% over the past day and the bullish price action puts the 16th biggest crypto by market cap at over $19 according to CoinMarketCap which is just 6.5% from the NEAR ATH of $20.42 set in January. Launched in May 2020, Near Protocol emerged to solve a few scalability issues that invade the crypto space. It boasts high speeds and low costs in various features including PoS consensus mechanisms and sharding as well as a unique block-producing implementation that achieves finality swifter than other competitors.

Finality is a technical term in the crypto space that refers to a situation when a transaction can no longer be changed or canceled. Today’s price jump came due to a $350 million investment in NEAR from FTX Ventures, Dragonfly Capital, and others. The new money will be put to work and will expand the ecosystem. NEAR Protocol surges 23% after also raising $150 million back in January and after that Barry Silbert announced the Group’s third-biggest crypto holding after BTC and ETH was exactly the NEAR token.

The rumors swirled that NEAR will launch a native stablecoin and the speculation emerged after a new report from trader Zoran Cole who outlined how USN will offer an extremely attractive 20% APR and kick off a surge in dEFI activity. The evidence exists beyond Cole’s claims and the Defi project shows a stablecoin called USN within the platform’s DEX.

near protocol
NEAR 24-hour Price Chart (Source: Coingecko)

As recently reported, NEAR protocol led the way with a 24% surge to $20 while Bitcoin eyes $44K. after a few days of freefall and hitting a 2-week low, BTC bounced off and reached $44,000 with the rest of the altcoins all being in the green today. However, NEAR protocol stole the show with a 24% massive surge. The recent Bitcoin price movement was mainly going south and the asset spiked above $47,000 on multiple occasions before the bears took control over the market. One day later, BTC found itself dipping below $45,000 but the situation worsened. This time, BTC dumped by another two thousand to a bottom of $42,800 which became the lowest point since March 24.

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