NEAR's 161% Price Surge Raises Questions About Sustained Growth
NEAR's price surge has been nothing short of astonishing, increasing by about 161% in just one month. The token closed at $4.93 on September 30, up from $1.89 on September 1. This significant gain comes as Bitwise launched the NEAR ETF, ticker NRR, on September 29, allowing US investors to access the token through a new route without buying it directly.
The NEAR Intents network has seen a substantial increase in activity, with over $32 billion processed in volume, up from less than $1 billion a year earlier. Additionally, the inflation rate has been cut in half to 2.5%, and revenue from core products funds NEAR buybacks.
The market capitalization of NEAR is now above $6 billion, according to Bitwise, which requires more than just a strong narrative around AI and crypto. To justify this valuation, the market needs evidence that network activity can continue creating economic value for the token.