NEAR Protocol Surges Over 15% Amid Trading Volume Growth and Short Squeeze
NEAR Protocol (ticker: NEAR) experienced a significant price increase of over 15.8% between Friday, October 9, and Monday, October 12, driven by several factors. The blockchain's Intents platform processed $4.8 billion in cross-chain swaps during September, generating fees that fund token buybacks and increasing demand for NEAR tokens. A proposed reduction in annual token issuance from 2.5% to 1.6% over two years could further support the price by slowing supply growth. Additionally, a short squeeze occurred as traders betting against NEAR saw $6.5 million worth of positions closed within one day, forcing buyers into the market and amplifying the rally. NEAR's recent performance is part of broader momentum, with its price more than doubling in the past month following the launch of Bitwise’s U.S.-listed NEAR ETF on September 29.
Tickers: $NEAR
Topics: blockchain trading ETF launch NEAR Protocol short squeeze token buybacks