NEAR Platform Active Users Soar – ‘Sweat Economy’ Boosting Token’s Price?

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NEAR, the native token of decentralized application (dApp) platform and Ethereum competitor Near Protocol, managed to increase its price over the past 24 hours.

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by tracking koingecoAt the time of writing, the crypto was trading at $2.98 and had gained 1.2% over its intraday price.

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However, the altcoin is still dealing with significant losses as it is still down 15.4% over the past week and -14.6% over the past 14 days. On a month-to-month scale, the coin is down about 30%.

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But as gloomy as the situation may be for the altcoin, hope is not lost as the recent developments and activities of the near protocol could help the asset rally a bounce back.

Active users grow near the protocol

Renowned crypto analytics firm maser shared on Twitter that the protocol outperformed many of its competitors with the help of a “sweat economy”.

Sweat Economy, like STEPN, is a move-to-earn fitness application that enables users to earn tokens simply by moving their bodies.

The platform for native token NEAR also registered a huge jump in terms of active users, reflecting the growing interest for dApps and perhaps its governance crypto.

During NEARCON 2022 in Lisbon, which showcased the best of the NEAR ecosystem and community, it was revealed that there are now 20 million accounts, doubling the 10 million user count in July of this year.

Sweat Economy had 14 million new users who entered the Near Protocol with their own move-to-earn app.

With tremendous growth, NEAR has once again proved that it can welcome millions of users to over 800 apps running on the protocol.

Price prediction is not looking good

The recent success achieved by Near Protocol is one hope that its native token, NEAR, is counting on to break out of its current downturn.

But things will get worse for the crypto asset, as Coincodex predictions point to another price drop.

The online crypto data provider predicts that the altcoin will drop to $2.65 in the next five ways. Meanwhile, the 30-day forecast for the cryptocurrency is more bearish as the asset could drop to $1.22.

NEAR has 25 indicators indicating bearish momentum for the crypto which scored 20 on the Fear and Greed Index, indicating there is extreme fear towards the altcoin.

NEAR market cap at $2.5 billion on the weekend chart | Featured image from Freepik, Chart:

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

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