The host of popular crypto analytics and market commentary show Coin Bureau says that the $NEAR token looks ready for a price rally.
“NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilizes fees.
“NEAR is the native utility token of the network and has the following utility:
- Fees for processing transactions and storing data.
- To run a validator node on the network via staking NEAR tokens.
- Used for governance votes to determine how network resources are allocated and where the protocol’s future technical direction will go.“
According to the Coin Bureau host (“Guy”), $NEAR is flashing on-chain metrics that could signal massive demand for the cryptoasset, thereby sparking a price rally. The host told viewers that NEAR’s daily transactions had doubled since December 2021, in addition to the number of projects being built on the blockchain.
Guy noted that the number of unique NEAR wallet addresses and total value locked on the protocol had undergone massive growth as well since the end of last year.
He argued that the cryptoasset’s relatively modest market capitalization made it attractive to investors.
As reported by The Daily Hodl, Guy said,
The best part is that Near Protocol’s market cap is still in the medium range, meaning it still has lots of room to grow. To put things into perspective, NEAR would have to triple in price for Near Protocol to crack the top ten and I reckon that’s a reasonable target if we don’t enter a bear market.
Guy also tackled the project’s ambitious roadmap, saying that “dynamic resharding” represented the most promising milestone. He mentioned that the new upgrade, which is expected to be implemented by the end of the year, would make it possible for NEAR Protocol to automatically adjust its shards in a way that optimized resource use.
In the word’s of the show’s host, dynamic sharding has the potential to make the NEAR “infinitely scalable.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.