NEAR Token Surges 180%, Hits 21-Month High on New ETF Launch

The NEAR token has reached its highest price in 21 months, driven by a strong catalyst that is expected to boost demand and adoption. The altcoin surged 180% over the past month, trading around $5.10 on September 30 after briefly topping $5.50.

This significant rally was triggered by the launch of the first spot NEAR ETF (NRR) with Coinbase Custody, which has reportedly taken 33% of rewards in staking fees, boosting demand for the token. Analysts see further upside from the ETF and increased staking interest but also warn of a possible major correction due to market and staking risks.

The launch of the NRR ETF with Coinbase Custody as custodian is seen as a key driver behind NEAR's recent price surge. The product has reportedly taken 33% of rewards in staking fees, which has boosted demand for the token.