The $NEAR token underpinning NEAR Protocol—a scalable alternative to high-functionality smart contract blockchains like Ethereum and Solana—has dropped back below $5 after briefly crossing the important threshold in the early hours of July 12.
$NEAR trades at $4.79, about 0.4% lower than it was 24 hours ago, but a bullish 19.2% up from its price this time last Friday.
$NEAR weathered the overnight downturn better than its biggest Layer 1 rivals. Both market leaders Bitcoin ($BTC) and Ethereum ($ETH) dropped 2.1% in the last 24 hours to trade at respective prices of $57,036 and $3,063.
Neither kept pace with $NEAR’s intraweek gains. Bitcoin grew about 5.7% over the seven days while Ethereum grew about 8%.
Solana ($SOL) faced stiffer overnight losses of 5.4% than the leaders, but beat them both, adding 10% to its value over the week.
Near Protocol: A Brief Primer and $NEAR Price Analysis
NEAR Protocol is a Proof-of-Stake (PoS) network that achieves greater scalability than its biggest rivals thanks to sharding, a process that splits the network’s transactions into smaller “shards” that give computers hosting the network only a fraction of the transactions they would have to process otherwise.
This leads to cheaper gas fees and a larger throughput. For comparison, NEAR claims to have a maximum theoretical throughput of 100,000 transactions per second (tps), which easily pips Ethereum’s maximum theoretical 119 tps and Solana’s 65,000 tps.
Recently, Near Protocol has followed the market downturn, although holders were worse hit than Bitcoin fans. Back in late May, the $NEAR token was trading above $8, but it has been in decline since, bottoming out at around $4 last Friday, which is where it has found some support, as shown by the green line.
Source: TradingViewStill, recovery will be an uphill struggle for the token, which, from mid-June onwards, found resistance at $5.50. A Relative Strength Index (RSI) of 44 and falling indicates the downturn may not be over, as selling may continue through the remainder of the day to further depreciate the price.
Is WienerAI A Better Investment Than NEAR?
Near Protocol began life as a crowdsourced AI platform, before venturing into blockchain territory. Nevertheless, the team has not forgotten its origins and the network integrates AI in a number of ways for better security, data analysis and automation.
Still, those hoping for explosive price rises are likely to be disappointed. As a four-year-old Layer 1 token, it usually soberly tracks the price movements of Bitcoin and Ethereum. Investors wanting to bet on the intersection of AI and crypto would do better to look into some of the latest meme coins.
One project that’s likely to win consumers hearts is WienerAI ($WAI), a meme coin that merges AI utility with viral appeal to unlock some potentially mouth-watering gains for its owners.
WienerAI is more than just another dog-themed coin. He’s a next-generation crypto project that offers crypto fans the most advanced, beginner-friendly AI trading bot in crypto.
Owners benefit from user-friendly AI-enhanced trading advice, seamless swap functionality and zero fees.
His presale is almost over and it has so far taken nearly $7.4 million in investments.
Moreover, Blockchain security platform Coinsult audited WienerAI’s smart contract.
WienerAI’s website offers buyers the ability to stake during the presale in order to take advantage of the mouth-watering yield, which is currently 153% APY.
This makes $WAI more exciting and arguably more useful than Near Protocol.
Don’t miss out!
WienerAI presale ends on July 31st. Secure your tokens now and join the trading revolution! pic.twitter.com/PyYEPwDtl2
— WienerAI (@WienerDogAI) July 10, 2024
The token currently sells at a fixed presale price of $0.00073 on the website.
Interested investors have under nineteen days to buy in before the presale ends. After that, the sky’s the limit on potential appreciation.
Keep on top of WienerAI news over on X and Telegram.
Join WienerAI Here
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