A popular crypto analyst says the price of Ethereum challenger Near Protocol (NEAR) is ready to rally as on-chain metrics indicate a massive demand for the decentralized application platform.
Pseudonymous Coin Bureau host Guy tells his 2.02 million YouTube subscribers that the number of daily transactions and projects building on NEAR has more than doubled since December 2021, potentially lucrative news for the market cap of the protocol.
Guy also mentions that unique wallet addresses and total value locked on the protocol also saw impressive growth.
“The best part is that Near Protocol’s market cap is still in the medium range, meaning it still has lots of room to grow. To put things into perspective, NEAR would have to triple in price for Near Protocol to crack the top ten and I reckon that’s a reasonable target if we don’t enter a bear market.”
As to whether or not NEAR could become one of the ten largest crypto assets by market cap, Guy says it would depend on its upcoming milestones. Of those mentioned in Near Protocol’s official roadmap, the analyst says that the most important is dynamic resharding, which will allow the blockchain to automatically scale as demand increases or decreases.
“I’ll just repeat what I believe to be the most important of the milestones mentioned in the roadmap and that’s dynamic resharding, which is expected to be implemented before the end of the year. Dynamic resharding will make it possible for Near Protocol to automatically create and destroy shards based on the demand for its blockchain.
The simple explanation is that a shard will automatically split in two when too many people are using it and shards without many users will automatically merge so that validators aren’t wasting resources, securing unneeded shards. In theory, dynamic resharding will make Near Protocol infinitely scalable.”
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/vectorpouch