NEAR Protocol’s Daily Active Addresses Spike, Will Prices Follow?
26 Settembre 2023 - 2:00AM
NEWSBTC
In the past month, there have been more daily active addresses on
the NEAR Protocol than in Ethereum and its layer-2 protocols,
including Arbitrum and OP Mainnet, Artemis data from September 25
reveals. Artemis, an institutional data platform for digital
assets, shows that the number of daily active addresses on NEAR
Protocol has been consistently above the 400,000 level in
September. Daily Active Addresses On NEAR Protocol Surging
Looking closer at the data confirms that the number of daily active
addresses on Ethereum, the pioneer smart contract platform that
hosts most decentralized finance (DeFi) and non-fungible token
(NFT) activity, has been dropping. To illustrate, the number of
daily active on Ethereum rose above 1 million in mid-September but
has since more than halved to below 400,000. The same trend can be
seen in Arbitrum, which dropped from around 200,000 in late June to
150,000 when writing on September 25. During this time, NEAR
Protocol’s daily active addresses have rapidly spiked from around
40,000 in late June to above 400,000, outperforming Ethereum in
this metric. With rising daily active addresses, there has been a
spike in daily transactions over the past month. According to
trackers, the NEAR Protocol processes more transactions than
Ethereum. Related Reading: Bitcoin Social Media Talk Drops To
3-Month Low, All Eyes On Altcoins? Public ledgers like NEAR
Protocol and Ethereum depend on a community of users who actively
transact—moving value or running protocols—or validators- to secure
the network. However, the number of daily active addresses can
provide valuable insights into the level of adoption, user
engagement, and the network’s overall health. Besides user
engagement, rising daily active addresses might also point to
changing market sentiment, which could significantly impact
prices. Bears In Control As DEX Trading Volume Remains
Relatively Stable When writing, NEAR, the native token of the NEAR
Protocol, is trading at around 2023 lows. Changing hands at $1.107,
the coin is down 61% from 2023 highs and remains under pressure.
The candlestick arrangement in the daily chart points to
consolidation and stability above the primary resistance level at
$1. Bears have the upper hand if prices remain below $1.23, a
critical resistance level marking the August 17 highs. As evidence
shows, the network activity and price action diverge. Although the
transaction count also rose, the number of unique addresses
interacting with NEAR Protocol decentralized exchanges has mostly
been stable. Looking at the numbers, DEX volume on the platform is
significantly lower than those registered in Ethereum and its
popular layer-2 platforms. Related Reading: Cardano Sees Spike In
Development Activity, Can The Price Of ADA Follow? Feature image
from Canva, chart from TradingView
Grafico Azioni NEAR Protocol (COIN:NEARUSD)
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