NEAR Protocol (NEAR) Sees Heightened User Engagement in June, Outperforming Popular Chains

NEAR Protocol has hit an important milestone with transactions reaching 450 million and new addresses soaring to 12.3 million within 30 days.

Crypto analyst Masi has unveiled the NEAR Protocol's performance in June, highlighting key metrics such as active addresses, transactions, and user engagement. According to Masi's analysis, NEAR recorded 16.9 million unique addresses in June, with 12.3 million being new. This marks a significant increase compared to May's 5.8 million new addresses.

The average retention rate of May users in June was 55%, with an average of 400,000 users returning for additional transactions. NEAR also processed 240 million transactions in June, with an average Success Transaction Per Second (STPS) of 94.5 and an average transaction fee of $0.0004.

"With this record, NEAR outperformed popular chains to become a top performer in June. Besides its impressive performance in addresses, NEAR had a low transaction fee of $0.05 and a 99.7% success rate. The protocol also excelled with an average of 94.5 STPS and 240 million transactions. As a result, NEAR is now ranked the second-top chain after Solana (SOL)," Masi noted.

The growth in NEAR can be attributed to several strategic innovations and initiatives within the ecosystem. As highlighted in previous reports, the protocol's pivot to Artificial Intelligence (AI) has been a major catalyst for growth.

The NEAR Protocol is set to transform the AI sector with upcoming developments. To achieve this, the NEAR Foundation is making funds available for basic AI infrastructure to flourish. As reported earlier, the areas of fund coverage include data collection, computation access, and creative monetization strategy development.

Near features like chain signatures and the HERE wallet recently integrated into the protocol have further streamlined the user experience. This has made NEAR more accessible and user-friendly.

Despite the increase in transaction volume and new addresses, the NEAR token has not seen substantial increases in its price. According to CoinGecko data, NEAR is currently ranked 19th among cryptocurrencies by market capitalization, which stands at $4.9 billion.

At the time of writing, NEAR is down 0.75% in the past 24 hours, trading at $4.5. However, the trading volume has increased by 71% to $333 million, indicating investors' interest in acquiring the token.

Interestingly, the Money Flow Index (MFI) is at 56, suggesting an influx of investment. This is further supported by the MACD line crossing above the signal line, indicating a bullish signal.

According to market analysts, if the positive sentiment for the protocol begins to flow through the coin, NEAR could rally to the $5.6 level. A $5.6 price target for NEAR is not unrealistic considering the token's previous surge from $5.22 to $8.50 between April and May.