NEAR, the native token of the NEAR blockchain protocol, has seen impressive gains so far in 2023. As of today, the coin price is up over 150% on the year and recently surged 15% in a single day to around $3.30. This rally brings NEAR’s market capitalization to $3.3 billion, still a long way from its all-time high valuation of $19.56 per coin back in January 2022.
Multiple technical indicators suggest NEAR’s latest uptick may have more momentum ahead. The MACD line crossing above its signal line indicates bullish momentum, while the RSI oscillator hitting 78 shows NEAR is quite overbought after the latest spike and due for a cooldown. But pullbacks would provide buying opportunities given the positive long-term outlook.
On-chain activity also points to growing network adoption that could fuel further upside. The number of daily active NEAR Protocol wallets skyrocketed 975% from 93,000 to over 1 million between December 1st and December 19th. Meanwhile, total daily transactions on NEAR increased 170% since December 3rd.
The Crypto Dog analyst who has over 700k followers on Twitter, tweeted today:
“$NEAR just getting started. Expecting the feed to be full of NEAR narrative in the next few weeks. Already started. First meme I’m seeing – NEAR does everything TIA does but better and much more. TIA 12.6b FDV NEAR 3.5b FDV.”
He is saying that chatter and discussion around the NEAR Protocol is likely to increase substantially in the coming weeks as more people take notice of it. NEAR has significant room for growth compared to competitors like TIA based on its much lower fully diluted valuation, while offering similar or better technology.
Astekz analyst who has over 70k followers, tweeted this:
“$NEAR – Every VC capitulated and probably went back to working day jobs after last cycle, hated coin so people will be late. Not us, buying spot since 1.8. We sell back to them in 2024.”
He is suggesting that venture capitalists abandoned NEAR after the crypto winter, but retail investors have continued accumulating. So when institutional money returns to crypto next cycle, retail will be able to sell back to them at much higher prices.
Demystifying NEAR Protocol
NEAR Protocol stands out from other layer-1 blockchains by prioritizing speed, efficiency, and usability. Where platforms like Ethereum suffer from congestion and high fees, NEAR operates quickly and cheaply by utilizing an innovative scaling solution called Nightshade.
Additionally, NEAR focuses heavily on user experience. Rather than cryptographic wallet addresses, it uses simple account names to identify users. The collective community building the NEAR ecosystem also continues releasing developer-friendly updates like storage rents, API improvements, and secure data management tools.
The driving vision behind NEAR Protocol is a blockchain that everyday people can truly utilize for practical purposes. Whether managing valuable assets, running applications, or even just basic transactions, NEAR aims to offer the security and performance needed to make blockchain technology mainstream.
Sponge V2 Launch Presents New Meme Coin Lottery Ticket
The developers behind Sponge V1, this year’s viral meme coin sensation, are preparing to launch Sponge V2 in 2024. This upgraded token comes with new utility and incentives that could power another exponential rally.
Sponge V1 was arguably one of the 2023’s most successful meme coins, shockingly soaring from a $1 million market cap to over $100 million at its peak. Over 11,500 investors contributed to the 100x return within mere months after its launch during the May bear market.
Now the team aims to replicate this fairytale run with the release of Sponge V2 and its new tokenomics. Rather than just paying tribute to the cartoon character SpongeBob SquarePants like the original, Sponge V2 will feature a play-to-earn racing game to boost utility.
Their first major offering will be a multiplayer racing game with play-to-earn functionality.
This fast-paced racer lets players compete against others for leaderboard rankings. Top performers can earn payouts in $SPONGE tokens as a reward for their gaming skills. There will be both a free entry-level version and a paid premium version that requires purchasing credits with $SPONGE.
Implementing this credit system creates new token utility beyond speculation. It provides players an avenue to actively use SPONGE for its intended purpose – fueling participation in the Sponge gaming metaverse. The play-to-earn model incentivizes competition while organically increasing demand for the token.
This focus on utility aims to differentiate Sponge V2 from the overwhelmed meme coin market. Rather than hoping for another short-term hype wave, the project wants to foster lasting engagement within its gaming community. The team believes this approach can cement Sponge’s status as users continue finding new value from its ecosystem.
Sponge V2 takes inspiration from its predecessor’s clever distribution model. To earn V2 tokens before launch, investors must buy and stake Sponge V1 via the project’s website. Staked V1 will bridge to V2 automatically upon release. This scarcity-building staking model was key to generating immense hype and buying pressure ahead of the V1 launch.
Given the rousing success of that strategy previously, several crypto influencers anticipate similar fireworks around the Sponge V2 release. YouTubers Crypto World Daily and Corné Marchand have both boldly projected another 100x explosion is possible.
Between the built-in community from V1, gamified tokenomics, and bullish expert opinions, Sponge V2 has the core ingredients to make early adopters fortunes during the next bull run.
Top crypto platforms | December 2023
The post NEAR Protocol Rallies Over 150% in 2023 With More Room to Run; Sponge V2 Launch Presents New Meme Coin Opportunity appeared first on BeInCrypto.