Cryptocurrency NEAR Protocol Falls More Than 5% In 24 hours
Portfolio Pulse from Benzinga Insights
NEAR Protocol (CRYPTO: NEAR) experienced a 5.05% price drop in the last 24 hours, falling to $3.75, despite a 20% gain over the past week. The trading volume has increased by 119%, while the circulating supply decreased by 0.3%, leading to a current market cap of $3.88 billion.

February 28, 2024 | 7:02 pm
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NEGATIVE IMPACT
NEAR Protocol's price dropped by 5.05% to $3.75, despite a recent upward trend, with a significant increase in trading volume and a slight decrease in circulating supply.
The short-term price drop of NEAR Protocol, despite its overall positive performance over the past week, suggests a potential market correction or profit-taking by investors. The increased trading volume indicates heightened activity, possibly as traders react to the recent price gains. The slight decrease in circulating supply could imply a tightening of available tokens, which might support price recovery in the near term. However, the immediate impact is negative due to the significant price drop.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100