[ad_1]
Share this article
NEAR is quickly approaching its all-time high price. A recent $350 million raise combined with rumors of a native, high-yield, algorithmic stablecoin have contributed to the Layer 1 chain’s ascent.
NEAR Approaches All-Time High
NEAR is outpacing the crypto market.
The sharded Layer 1 blockchain has soared 20% over the past 24 hours and is quickly approaching its prior all-time high of $20.44 set in January. Over the past month, NEAR has climbed more than 90%, becoming the biggest gainer in the top 20 cryptocurrencies by market capitalization.
NEAR/USD chart (Source: CoinGecko)
Several catalysts appear to be fueling NEAR’s rally. On Apr. 6, the Layer 1 announced its second major capital raise this year, bringing in $350 million from Tiger Global, Dragonfly Capital, and FTX Ventures, among others.
Elsewhere, Barry Silbert, founder and CEO of Digital Currency Group, revealed the company’s third-largest crypto holding was currently NEAR after Bitcoin and Ethereum. Others have also pointed out the Layer 1’s sharp increase in active developers. According to data from Electric Capital, NEAR currently has over 140 full-time developers, outpacing rival Layer 1 platforms BNB Chain, Terra, and Avalanche, despite sitting at a lower market capitalization.
Additionally, several rumors surrounding NEAR’s development are circulating on social media, potentially contributing to the bullish momentum. A blog post from Twitter user Captain_Kole1 claims that NEAR will be listed on Coinbase in the next “couple of months” and that the exchange’s upcoming NFT marketplace could support NEAR NFTs.
Captain_Kole1 also claimed that NEAR would announce the launch of its own algorithmic stablecoin on Apr. 20. They said that the dollar-pegged coin, which will supposedly adopt the ticker USN, will offer holders 20% yield on deposits, mirroring the yield rate Terra users can earn on UST via Anchor Protocol.
As Captain_Kole1 did not provide any conclusive evidence for his claims, Crypto Briefing cannot confirm their credibility. However, it’s worth noting that NEAR started increasing in price shortly after Captain_Kole1’s blog post was published. Whether the claims are true or not, the market appears to have responded with a vote of confidence.
Disclosure: At the time of writing this piece, the author owned ETH, NEAR, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
NFT Express: Your on-ramp to the world of NFTs
At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…
NEAR Raises $350M in Tiger Global-Led Funding Round
NEAR Protocol has raised $350 million in a new funding round led by renowned American hedge fund Tiger Global. NEAR Protocol Closes $350M Funding Round NEAR Protocol seems to be…
NEAR Lands $150M in 3AC-Led Raise
NEAR Protocol has raised $150 million in its latest funding round led by Three Arrows Capital. The NEAR token has surged on the news, gaining 6.6% in the past hour. …
NEAR Announces $800M in Development Grants
NEAR Protocol announced $800 million in grants today. These grants will go towards the development of the NEAR ecosystem. NEAR Invests in its Development NEAR Protocol announced grants totaling $800…
[ad_2]
Source