Near Protocol Slips 24% as Fake Block Was Submitted During Weekend
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The NEAR Protocol slips 24% in seven days. NEAR failed to halt its previous bearish rally and fell below the $4.00 mark. The crypto market’s bearish sentiment harmed investors’ confidence and contributed to digital currency losses.
Most of the selling trends were triggered following the Rainbow Bridge attack news. An unidentified hacker attempted to break into Rainbow on Saturday. Rainbow is a mechanism that allows users to move value between the Near Protocol (NEAR) and Ethereum (ETH).
Besides, Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, fell to a three-week low over the weekend. It was still around $21,000 as of early Monday morning. This was seen as one of the main reasons the Protocol (NEAR) coin was under pressure.
NEAR Protocol Price and Tokenomics
The current live NEAR Protocol price is USD 4.03, with a 24-hour trading volume of $281,575,804. The NEAR Protocol has dropped by 4.88% in the last 24 hours.
NEAR Protocol Price Chart – Source: Tradingview
The Near Protocol is now the 25th most valuable stock on the market, with a live market valuation of $3,097,574,135. It can hold up to 1 billion NEAR coins, but only 767,970,199 NEAR coins are currently in circulation.
Rainbow Bridge, NEAR Protocol, Was Attacked
🧵 on the Rainbow Bridge attack during the weekend
TL; DR: similar to May attack; no user funds lost; attack was mitigated automatically within 31 seconds; attacker lost 5 ETH. pic.twitter.com/clnE2l8Vgz— Alex Shevchenko 🇺🇦 (@AlexAuroraDev) August 22, 2022
NEAR Protocol slips 24% amid Bearish Crypto Market
Since the beginning of the week, the cryptocurrency market has been flashing red. The only factors driving the cryptocurrency market decline were geopolitical concerns, which reduced investor risk appetite. Bitcoin (BTC), the world’s largest and most valuable cryptocurrency, fell to a three-week low over the weekend.
On Monday morning, it was still around $21,000. Several popular cryptocurrencies, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP), were unable to reverse their overall declines, but on August 22, the NEAR Protocol, a lesser-known cryptocurrency, was also lost.
NEAR Protocol (NEAR) Short-Term Advantages
The NEAR Protocol is a blockchain-based framework enabling the creation of decentralized apps. This protocol is renowned for its excellent performance, providing quick, safe, and endlessly scalable transactions. The adoption of Web 3 is being facilitated via the NEAR Protocol (NEAR).
Because of its fast speeds, affordable fees, and user-friendly interface, the NEAR Protocol (NEAR) makes it simple for anybody to participate in the future decentralized economy.
The sharded Proof-of-Stake consensus method that underpins the NEAR Protocol (NEAR) allows it to expand quickly and effectively without compromising security. Because of this, NEAR is in a good position to take over as the preferred platform for dapps for a very long time.
Even though the market is bad right now, the NEAR Protocol (NEAR) team is still committed to building the infrastructure needed to support the next Web 3 applications and is still optimistic about the protocol’s long-term prospects.
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