NEAR Protocol’s token surged 15% to $2.80 in the last 24 hours, marking a remarkable 90% increase over the past month. This rally is largely driven by the success of NEAR Intents, the platform’s cross-chain transaction system, which has processed over $19 billion in volume and generated $32 million in fees. The growing interest in NEAR is further fueled by anticipation of a network upgrade in June that will introduce dynamic resharding, enhancing scalability during peak usage.
The recent price movement reflects a broader trend of renewed investor interest in blockchain infrastructure and AI-related tokens, as evidenced by substantial inflows into the Bitwise NEAR Staking ETP, which has reached approximately $40 million in assets under management. This resurgence follows a period of stagnation and highlights NEAR’s potential to capture market share as cross-chain capabilities gain traction.
Market professionals should note that while NEAR’s recent performance is impressive, it still trades significantly below its 2022 peak of nearly $20, suggesting both opportunities and risks in the current environment.
Source: coindesk.com