Founded by Alex Skidanov and Ilia Polosukhin, NEAR protocol prides itself as a development platform, with the concepts of sharding, proof-of-stake, and a layer-one blockchain designed for usability at the heart of its business.

In recent weeks, the protocol has made significant progress. Amid other developments that were Hospitalized, Phemexa leading cryptocurrency exchange, announced on May 8 that investors could trade $NEAR, the Protocol’s native token, on its platform.

likewise, Decentralized Bank announced the availability of the $USN <> $NEAR swap page on the platform.

All these developments have led to increased activity on the NEAR protocol. The protocol is also on May 13th announced that the total number of accounts created on the network exceeded 10 million.

Now you may be wondering about the performance of the NEAR token given the news of the Protocol housing more than 10 million accounts.

Let’s see.

There seems to be some growth

After announcing the total number of accounts, the network’s native token, NEAR took some steps in an upward direction. The token recorded a growth of 16% on May 13. However, this was followed by a retracement that pushed the price of the token downwards. At $6.69 at the time of writing, the token registered a 9% spike in the past three days.

Source: CoinMarketCap

Although in an oversold position at the time of writing, the announcement managed to create some waves for the token. The bulls tried to push the RSI and MFI into the 50 neutral region, meeting fierce opposition from the bears forcing it back down.

Source: TradingView

In addition, a look at the token’s market cap revealed some progress over the period under review. With a record $5.13 billion on May 13, the market cap for the NEAR token grew 5% over the past three days. Its market cap was $4.6 billion at the time of writing.

However, despite the growth in price and market cap, the notable measure is the transaction volume for the NEAR token within the same time period. A steady decline was noted within the reporting period. Interestingly, it should also be noted that fewer people continued to trade the coin despite a price increase.

Source: Santiment

Err… Did we mention the positive too soon?

While some growth was recorded on a price front, the analytics data on the chain following the May 13 announcement revealed no overall impact on the NEAR token.

A consideration of the social impact showed that the token’s social dominance attempted an upward trend on May 14. However, this was followed by a reversal on May 15 due to the peg of this stat at 0.684% at the time of writing. Social volume, which traded at $116 at the time of writing, has witnessed a decline since May 13. This indicated that the announcement generated very little social buzz over the past three days.

Source: Santiment

Likewise, the past three days in development were not marked with any significant impact. Overall development activity on the token maintained a flat line of 178. In hindsight, as updates continue to hit the protocol, an upward trend here is not entirely impossible.

Source: Santiment

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