The $NEAR token is the backbone of NEAR Protocol, a scalable alternative to high-functioning smart contract blockchains like Ethereum and Solana. After briefly breaching an important threshold in the early hours of July 12, $NEAR price fell below $5 again.
$NEAR is currently trading at $4.79, down about 0.4% from 24 hours ago, but up 19.2% from the same price last Friday.
$NEAR outperformed its largest Layer 1 rivals amid the overnight decline. Market leaders Bitcoin ($BTC) and Ethereum ($ETH) had earlier declined by 2.1%, trading at $57,036 and $3,063 respectively.
Neither has kept up with $NEAR’s intra-week gains. Bitcoin has gained about 5.7% over the past seven days, and Ethereum has gained about 8%.
Solana ($SOL) faced an even bigger drop of 5.4% overnight, but gained 10% in value during the week, outpacing Bitcoin and Ethereum.
The $NEAR token underpins the NEAR Protocol – a scalable alternative to the high-functioning smart contract blockchain.
Introduction to Near Protocol and $NEAR price analysis
NEAR Protocol is a network using a proof-of-stake (PoS) consensus mechanism that achieves greater scalability than its largest competitors through sharding technology. Sharding is the process of dividing network transactions into smaller "shards," allowing the computers hosting the network to process only a small portion of the transactions.
This approach results in lower gas bills and greater throughput. For comparison, NEAR claims its maximum theoretical throughput is 100,000 transactions per second (tps), far exceeding Ethereum’s maximum theoretical throughput of 119 tps and Solana’s 65,000 tps.
Recently, Near Protocol has followed the market down, and holders have been hit harder than Bitcoin fans. Back in late May, the $NEAR token was trading above $8, but has been declining since then, falling to a low of around $4 last Friday, where it found support, as shown by the green line.
Still, recovery will be an uphill struggle for the $NEAR token. The coin has encountered resistance at $5.50 since mid-June. The Relative Strength Index (RSI) is at 44 and falling, indicating that the decline may not be over yet and selling may continue for the remainder of the day, pushing prices further down.
Is WienerAI a better investment than NEAR?
NEAR Protocol started as a crowdsourced AI platform before entering the blockchain space. However, the team has not forgotten its origins, and the network integrates AI in many aspects to improve security, data analysis and automation.
Still, investors hoping to see explosive price gains may be disappointed. As a four-year-old Layer 1 token, it generally follows the price movements of Bitcoin and Ethereum solidly. Investors who want to bet on the intersection of AI and crypto may want to pay attention to some of the latest meme coin projects.
One project that may win over consumers is WienerAI ($WAI), a meme coin that combines AI utility with viral appeal, resulting in potentially lucrative returns for its holders.
WienerAI is not just another dog-themed coin. It is a next-generation crypto project that provides crypto enthusiasts with the most advanced and beginner-friendly AI trading robot.
Holders benefit from user-friendly AI-enhanced trading recommendations, seamless swap functionality and zero fees.
WienerAI’s pre-sale is about to end, having raised $7.4 million so far. What’s more, blockchain security platform Coinsult has audited WienerAI’s smart contracts, which provides investors with security.
During the pre-sale period, buyers can earn 153% annual yield (APY) by staking. This attractive return makes $WAI more attractive and practical than NEAR Protocol.
In short, WienerAI is expected to become the next hundred-fold gem with its powerful AI capabilities and community support, attracting the attention of a large number of crypto experts.
$WAI tokens are currently on sale on the official website at a fixed pre-sale price of $0.00073. Interested investors have less than 19 days to purchase, and after the pre-sale ends, the potential appreciation will be unlimited.
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Original article: https://cn.cryptonews.com/news/as-near-protocol-price-falls-below-5-new-ai-meme-coin-raises-7-4-million.htm
