NEAR has gained more than 22% in the last 24 hours
According to data from CoinMarketCap, Near Protocol (NEAR) outperforms amid a sea of red seen across the broader crypto market. NEAR has gained over 22% in the past 24 hours, making it the top performer of the top 100 cryptocurrencies of the day. Even though the broader crypto market has experienced a hiccup, it is already up 37.93% in one week.
Here are three potential reasons why Near’s price rose:
$350 million funding
Near Protocol (NEAR) rose after announcing on April 6 that it had raised $350 million in a funding round led by Tiger Global, a New York-based hedge fund. NEAR Protocol had earlier raised a $150 million investment round led by Three Arrows Capital, Alameda and Jump in January 2022.
Following the news, Near Protocol then moved forward to mark four straight days of positive action to hit all-time highs of $19.79 on April 8. records. Near was trading at $19.33 at press time.
Positive sentiment as DCG’s third-largest asset holding
In a recent tweet, Digital Currency Group CEO Barry Silbert has revealed that Near Protocol’s NEAR token is the company’s third-biggest holding.
Near Protocol is a smart, contract-enabled blockchain designed to host decentralized applications (dApps). With the use of dynamic sharding, the Ethereum competitor hopes to achieve high scalability, which will allow the network to continue to expand its capacity as the number of nodes increases.
Recent partnerships
NEAR Foundation has announced that Orange DAO, a crypto collective created by Y Combinator alumni to back Web3 start-ups, has selected NEAR as its preferred Layer 1 blockchain.
While a wave of venture capital investment in NEAR-based projects occurred in late 2021 and early 2022, Near Protocol teases several more that will be revealed in the following weeks, particularly in projects and applications DeFi based on NEAR and Aurora.
