Why NEAR jumped 20% today, doubled in a month
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
The cryptocurrency is red hot after a big funding round for the Near blockchain platform and reports of more good news just ahead.
NEAR Protocol (NEAR), the cryptocurrency representing the Near blockchain platform, has shot up as much as 20% today and doubled in about four weeks, making it the day’s hot crypto.
Multiple news items seem to be driving today’s action.
- NEAR announced this week it had completed a $350 million finding round led by the hedge fund Tiger Global, and promised more good news soon. “Late 2021 and early 2022 have seen a wave of venture capital investment in projects building on NEAR, with several more to be announced in the coming weeks,” it said in a release.
- News reports also suggest NEAR is close to releasing a stablecoin. Those reports are largely based on social media and the company hasn’t confirmed, but it seems to be driving the crypto’s price up.
Designed to compete with Ethereum, NEAR is a blockchain built for speed, security and scalability. According to its website, you can use NEAR to create a decentralized application in 5 minutes. As a NEAR token holder you can use applications on NEAR, participate in network governance and earn token rewards
The NEAR Protocol crypto was trading at $18.23 as of this writing, up 18% for the day and 90% for the month. At its high over the past 24 hours, $19.64, it was close to its all-time high at $20.42.
If you’re buying at these levels, you’re buying for its future. To learn more, read our guide to the NEAR Protocol.