Crypto
NEAR Has Tripled Since the End of August, on Volume It Hasn't Seen in Years
NEAR closed August 28 at $1.82 and is trading around $5.44 on Sunday morning. Daily trading value on Binance peaked at $544 million on September 23, against roughly $12 million a day in early August.
NEAR Protocol closed at $1.824 on Binance on August 28. Early on Sunday, September 27, it touched $5.48, a gain of roughly 198% in a month. Most of it came in the last eleven days: from a low of $2.297 on September 16, the token has climbed about 139%.
The climb has been unusually orderly for a move of this size. Of the eleven daily closes since September 16, only two were lower than the day before — a 4.6% dip on September 19 and a 2.1% dip on September 23 — and neither came close to erasing the prior session's gain. The sharpest hourly drop in the stretch was a 9.3% slide in the 15:00 UTC hour on September 23, which was recovered within two days.
Participation is the bigger story. In the first ten days of August, NEAR's spot market on Binance traded roughly $12.5 million a day. Over the past seven days the average was close to $300 million, with a peak of $544 million on September 23. That weekly average alone is roughly 24 times the early-August pace. Volume on that scale means the move isn't being carried by a handful of accounts in a thin book.
What it doesn't mean is that the price is anywhere near its old territory. NEAR's all-time high on Binance was $20.60, in January 2022; even after tripling, the token is still about 74% below it. We've added the September run as a Historical Replay scenario for anyone who wants to walk through it an hour at a time.