Near Protocol: A look at why recovery isn’t as ‘NEAR’ as it may seem
Founded by Alex Skidanov and Illia Polosukhin, NEAR Protocol prides itself as a development platform, with the concepts of sharding, proof-of-stake, and a layer-one blockchain designed for usability central to its operations.
In the last few weeks, the Protocol recorded significant strides. Amidst other developments that were recorded, Phemex, a leading cryptocurrency exchange, announced on 8 May that investors could trade $NEAR, the Protocol’s native token on its platform.
Similarly, DecentralBank announced the availability of the $USN <> $NEAR swapping page on the platform.
All of these developments led to an increased activity on the NEAR Protocol. On 13 May, the protocol also announced that the total number of accounts created on the network surpassed 10 million.
Now, you might be wondering about the performance of the NEAR token given the news of the Protocol housing over 10 million accounts.
Let’s take a look.
Following the announcement of the total number of accounts, the network’s native token, NEAR made some moves in an uptrend direction. The token recorded a 16% growth on 13 May. However, this was followed by a retracement which pushed the price of the token downwards. At $6.69 at the time of writing, the token recorded a 9% spike in the last three days.
Source: CoinMarketCap
Although in an oversold positions at the time of writing, the announcement did manage to create some waves for the token. The bulls attempted to push the RSI and MFI into the 50 neutral region, which was met with stiff opposition from the bears who forced it back downwards.
Source: TradingView
Additionally, a look at the market capitalization of the token revealed some progress within the period under review. Recording a high of $5.13 billion on
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