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NEAR could be another token to watch out for in 2023, given its price moves and network activity over the past three months. Messari’s State of NEAR Q1 2023 report reveals the token and its protocol recorded impressive financial performance in the first quarter of 2023.
According to Messari, NEAR recorded increased network activity, with daily active accounts reaching a new all-time high during the reporting period. The token price took off after Messari released the report three days ago and has not relented in its rally since then.
According to CoinMarketCap data, NEAR has registered a 10.69% gain on the weekly chart with a 24-hour price increase of 5.02%. The token witnessed a sharp spike in trading volume from $94.81 million on April 12 to $246.42 million today.
NEAR Network Activity Reaches New Record High
In detail, Messari’s report revealed that NEAR’s daily active accounts maintained the momentum from its Q4 2022 record high. According to the report, there was a slight increase in daily active accounts in Q1 2023, from 63,700 recorded in Q4 2022 to 63,940.
Meanwhile, the average daily transactions slightly reduced by 13% from 453,440 in Q4 2022 to 393,050 in Q1 2023. Although the token witnessed a slight decline in daily active accounts and transactions, the numbers remained high, reflecting the network stability. Also, the transaction fee remained low at $0.002 due to NEAR’s fee adjustment mechanism.
One would conclude that Messari’s report has influenced NEAR’s recent performance as it suggests the network’s scalability, stability, and reliability. Since releasing the quarterly report three days ago, NEAR recorded steady price gains, except on April 12, when it declined by 0.4% due to yesterday’s market-wide downturn.
NEAR toke saw a 2.0% price increase on April 10 and 2.6% gains on April 11. At press time, NEAR is trading at $2.19, with a 5.02% price increase in the last 24 hours. But that’s not all. NEAR has recorded a notable surge in trading volume, confirming a rise in network activity. The 24-hour trading volume shows a 109.76% increase in the last day.
NEAR’s Ecosystem Developments and Corresponding Price Actions
Messari’s report revealed the NEAR protocol’s team has been pursuing ecosystem development projects. NEAR’s 2023-2024 roadmap revealed the network recorded an incredible growth rate since its launch in October 2020, with over 20 protocol upgrades. NEAR’s developer team planned to focus on improving the protocol’s scalability and decentralization in 2023.
The report revealed the driving force of NEAR’s performance as the Sweat Economy, Aurora, Spin.fi, and NEAR Crowd launch. Also, the Blockchain Operation System introduced by NEAR Foundation contributed to the network’s high activity.
Another network activity growth driver is Binance’s recent Tether (USDT) integration on NEAR Protocol Network. According to the announcement, the integration allows millions of Binance’s users worldwide to access USDT on the NEAR ecosystem.
This utility would see more users transacting on the NEAR protocol to access USDT. Since Binance announced this on April 12, it could be responsible for today’s surging trading volume and price.