NEAR Breaks $5 As Prices Skyrocket, How Much More Can It Rally
NEAR price is skyrocketing. The token has increased by more than 10% in the last 24 hours. It has also increased by more than 25% in the last 7 days. It is currently trading at $5.18. The token rallied today as news broke that the NEAR Foundation has announced the launch of a $100 million venture capital and venture lab.
The new launch will aim to broaden the scope of Web3. The launch is in partnership with Caerus Ventures. Just today, NEAR’s market cap increased by 9% in response to the accomplishments of the NEAR protocol.
The venture fund will initially have $50 million, with hopes of an extension to $100 million in Series A funding.
What Is NEAR?
$NEAR is the token of the NEAR protocol, a group that wants to expand the Web 3.0 ecosystem. It also builds tools for Web 3.0 developers, to help code them in JavaScript and Rust for blockchain. Moreover, it also has a scalable blockchain.
It also introduced its sharding technology to increase the scalability of Web 3.0 apps. Sharding is a technology where transactions are divided into smaller groups for execution and then combined to improve scalability. NEAR’s nightshade sharding technology aims to onboard a billion users on its apps.
Near also has its wallet and staking product. The NEAR wallet is non-custodial. A non-custodial wallet allows a user to be the sole owner of their private key. Non-custodial wallets do not have a potential conflict of interest issues due to centralization.
How Much More Can It Rally
The venture fund announcement by NEAR is not its only accomplishment. It announced that now over 800 Web 3.0 projects are deployed on its protocol. It is also conducting NEARCON in Portugal.
If NEARCON goes well, the price of the token continues to rally. However, investors must be careful of the hawkish stance of the Fed.
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
