NEAR price reached over $19.75, just about 2.5% below its all-time high (ATH). However, many analysts agreed with the potential for the NEAR/USD pair to reclaim its best level to date and even rise above it in the coming weeks. A recent $350 million raise combined with rumors of a native, high-yield, algorithmic stablecoin have contributed to the Layer 1 chain’s ascent.
NEAR/USD 4-hour chart | Source: TradingView
Near Protocol (NEAR) jumps 23% amid fresh $350 million funding
NEAR is outpacing the crypto market. The sharded Layer 1 blockchain has soared 20% over the past 24 hours and is quickly approaching its prior all-time high of $20.44 set in January. Over the past month, NEAR has climbed more than 90%, becoming the biggest gainer in the top 20 cryptocurrencies by market capitalization.
Several catalysts appear to be fueling NEAR’s rally. On Apr. 6, Layer 1 announced its second significant capital raise this year, bringing in $350 million from Tiger Global, Dragonfly Capital, and FTX Ventures.
After that, Barry Silbert, the founder of Digital Coin Group, announced that the Group’s third-largest crypto holding after Bitcoin and Ethereum was the Near token.
Finally, rumors have swirled that Near will soon launch a native stablecoin. Speculation emerged after a recent newsletter from crypto swing trader Zoran Cole. He outlined how USN, the name of the stablecoin, would “offer an extremely attractive ~20% APR” and kick off a surge of DeFi activity.