Will NEAR Price Hit ATH Today? Here Are Top Reasons Behind Massive Rally

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As the Crypto market has tumbled down where major cryptocurrencies like Bitcoin and Ethereum were blown down, there is this one cryptocurrency called NEAR Protocol which has been one of the best performing tokens in the past week. The NEAR token price saw a jump from $13 to $18 over the last seven days.

NEAR Price Surge With Rumored Stablecoin Launch.

Amidst the news about NEAR Protocol’s own stablecoin launch, NEAR, the native token on the eponymous Blockchain is rallying today. This is not it, the price rally is also a result of venture capital investments into the NEAR Protocol.

At press time, NEAR is changing hands at $19.43 with an increase of 24.02% over the last 24hrs. This brings the NEAR price closer to its lifetime high of $20.2 as it has raised $350 million in a funding round which is led by Tiger Global, a digital investor.

The speculation around a new stablecoin that is said to be launched by NEAR Protocol gave rise to the bull rally. If launched, NEAR’s stablecoin will be competing with Terra’s UST.

Will The Guesswork On NEAR-Based Stablecoin Go Real?

The founder of Telegram group, Crypto Insiders, Zoran Kole, claims that NEAR-based Stablecoin, USN, is scheduled to be launched on April 20. This token will be an algorithm stablecoin that is similar to Terra’s UST.

The token is said to offer 20% APR making it the highest DeFi yield in the crypto market. As per Kole, in the next few months NEAR token’s interest is likely to double its market capitalization.

NEAR is actually a proof-of-stake blockchain built especially in competition with Ethereum. NEAR already supports features like higher staking rewards and a smaller carbon footprint, and these features are yet to be introduced in the upcoming ETH 2.0 upgrade.

Yet, NEAR is much smaller when compared to Ethereum in terms of market capitalization and NEAR is still on the verge to see a wide range of adoption.