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Near (NEAR) Fees and Revenue Suffer as Network Activity Drops

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The network demand for Layer-1 (L1) blockchain Near Protocol (NEAR) has dropped to its lowest level since March. On-chain data shows a steady decline in daily active addresses and transaction counts on the network since late July.

Similarly, NEAR, the network’s native coin, is facing bearish pressure, making a significant price rally unlikely in the near term.

Near Sees User Exodus

The daily count of unique addresses transacting on the Near Protocol began to drop on July 30. It peaked at 2 million addresses that day and has fallen by 43%.

A natural implication of fewer users on a network is a resulting decline in its transaction count. Assessed using a seven-day moving average, the daily number of transactions on the NEAR blockchain has fallen by 36% in the past month.

Near Daily Active Addresses
Near Daily Active Addresses. Source: The Block

The drop in user activity on the Near protocol is reflected in the declining total value locked (TVL) within its decentralized finance (DeFi) ecosystem. 

Since July 17, Near’s TVL has steadily declined, hitting a five-month low of $172 million on August 6. While the TVL has since rebounded to $206 million, it still represents a 26% drop over the past 30 days.

Read more: What Is NEAR Protocol (NEAR)?

near total value locked
Near Total Value Locked. Source: Artemis

Additionally, activity across the decentralized exchanges (DEXes) housed within the L1 has also been reduced. Artemis’ data shows this has fallen 54% over the past 30 days. 

Due to the low demand for Near, its fees and the revenue derived from the same recently fell to seven-month lows. On August 11, the total fees for using Near fell to $11,000, while network revenue was $9,000. These figures represent the protocol’s lowest since February 10.

NEAR Price Prediction: Roadblocks Lie Ahead

As of this writing, NEAR trades at $4.26. Although the coin’s price has surged by double digits in the past seven days, it may be unable to extend these gains.

On a one-day chart, NEAR’s price movements show that the altcoin is trading below its Ichimoku Cloud. The Ichimoku Cloud helps identify trend direction, gauge momentum, and determine critical levels for an asset.

When an asset’s price drops below the cloud, the market trend turns bearish. Trading below the cloud suggests that the price is under both short-term and long-term averages, indicating weakness in the trend.

Read more: Which Are the Best Altcoins To Invest in August 2024?

near price prediction
NEAR Price Analysis. Source: TradingView

If NEAR falls further below these key levels, its next price target is $3.07, representing a 28% drop from its current price level. However, if the altcoin rallies past the “cloud,” it may trade at $5.30.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Exploring Hottest New Coins: FINE, CHILLGUY, and CHILLFAM

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New coins such as FINE, launched three days ago, have seen their market cap reach $2.5 million. CHILLGUY, driven by TikTok hype, has amassed 120,000 holders and achieved $129 million in daily trading volume.

CHILLFAM, following in CHILLGUY’s footsteps, has quickly reached a $10 million market cap with a 300% price surge, showing the potential for continued interest in these emerging tokens.

This Is Fine (FINE)

FINE, launched on Pumpfun just three days ago and now graduated into Raydium, is attempting to capitalize on the growing trend of coins paired with animated video.

As of this writing, the coin boasts over 26,000 holders and a market cap of $2.5 million. However, it has experienced a steep decline, dropping more than 50%. If FINE can stabilize after this sharp drop, it may present an attractive entry point for traders eyeing a potential recovery.

FINE Price Chart and Market Data.
FINE Price Chart and Market Data. Source: Dexscreener

FINE’s RSI is 35, indicating that it is approaching the oversold zone. This suggests that selling pressure may be reaching an extreme, potentially setting the stage for a reversal or bounce if buying interest returns. However, the current bearish momentum highlights the need for caution before expecting a recovery.

Just a chill guy (CHILLGUY)

CHILLGUY, a Solana-based meme coin that gained popularity through TikTok, has quickly risen to prominence in less than a week. The coin’s rapid adoption is evident in its impressive metrics, boasting over 120,000 holders and amassing 112,000 transactions per day.

The coin’s daily trading volume has surpassed $129 million, showcasing substantial market activity and strong interest from traders. This level of engagement highlights CHILLGUY’s potential to sustain its momentum if the hype continues to drive liquidity and participation.

CHILLGUY Price Chart and Market Data.
CHILLGUY Price Chart and Market Data. Source: Dexscreener

CHILLGUY’s RSI sits at 52.3, indicating a neutral zone where neither buyers nor sellers have a dominant edge. This balanced sentiment suggests the market is stabilizing after initial volatility, leaving room for the token to move in either direction depending on future market activity and demand.

Chill Family (CHILLFAM)

CHILLFAM, inspired by the success of CHILLGUY, was launched just two days ago. With nearly 58,000 holders and a daily trading volume of $55 million, the token is gaining traction among meme coins enthusiasts on Solana.

CHILLFAM Price Chart and Market Data.
CHILLFAM Price Chart and Market Data. Source: Dexscreener

Currently boasting a $10 million market cap, CHILLFAM has surged almost 300% in 24 hours, highlighting strong early interest. If it can maintain this momentum and sustain its $10 million market cap, the coin could potentially aim for $15 million or even $20 million.

CHILLFAM’s RSI is at 43, suggesting that the token is in a slightly bearish to neutral zone. This level indicates that the recent rally may be cooling off, providing a period of consolidation. If buying interest returns, it could reignite bullish momentum and push CHILLFAM toward higher valuations.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP To Hit $40 In 3 Months But On This Condition – Analyst

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XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRP’s potential to reach lofty price levels.

Can XRP Repeat 2017 Historical Price Movement?

In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017. 

Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings. 

Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future. 

Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.

According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.

XRP

Price Resistance Levels In XRP’s Dream Surge

While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the token’s current all-time high price. 

Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.

At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.

XRP

Featured image from Trackinsight, chart from Tradingview



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Kraken Eyes Token Expansion as Trump Promises Crypto Support

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Kraken, one of the leading cryptocurrency exchanges, has announced plans to list 19 new tokens, including a range of popular meme coins, and to integrate three additional blockchains.

This development has sparked optimism across the crypto industry, with many anticipating a more favorable environment for token listings under the incoming Trump administration.

Kraken Plans to List 19 Tokens and Integrate 3 Blockchains

According to its recently published tradeable asset roadmap, Kraken will add the Binance Smart Chain, dYdX, and Arweave blockchains to its platform. Each integration will include support for the native tokens of these networks.

“Kraken lists BNB,” Binance founder Changpeng Zhao stated.

In addition to these three, Kraken plans to list 16 other tokens, primarily meme coins. Some of the notable additions include FWOG, TRUMP, NEIRO, DOGS, GOAT, PNUT, MOODENG, and COW, alongside eight others. These tokens belong to blockchains already integrated into Kraken’s ecosystem.

Kraken Token Listing Roadmap.
Kraken Token Listing Roadmap. Source: Kraken

However, the exchange clarified that listing plans are not guaranteed. Funding and trading for these tokens will only begin after an official announcement through Kraken Pro’s account on X. The company warned that Depositing tokens prematurely could result in losses.

Kraken’s planned token expansion comes at a time when the exchange is navigating legal challenges. The US Securities and Exchange Commission (SEC) has accused Kraken of operating an unregistered securities exchange and offering staking services in violation of federal laws. The exchange has been actively defending itself against these allegations.

Despite regulatory hurdles, crypto industry stakeholders are optimistic that the incoming administration will ease restrictions on token listings. Many believe President-elect Trump’s pro-crypto stance could pave the way for a more supportive regulatory environment. Expectations include a clear regulatory framework, the potential establishment of a Bitcoin reserve, and a departure from the SEC’s regulation-by-enforcement approach.

Already, major US exchanges are capitalizing on the growing market optimism to expand their token listings. Coinbase recently listed PEPE and FLOKI, leveraging the ongoing meme coin trend.

Similarly, Robinhood expanded its offerings by adding tokens that the SEC previously described as securities — XRP, Cardano, and Solana. These moves reflect a broader effort by exchanges to capture market momentum and cater to diverse investor interests.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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