NEAR investors could be skeptical about celebrating this milestone because…

•  250 million transactions have been processed on the NEAR protocol
• NEAR’s price, however, continued to fall

Two years after its mainnet launch, decentralized open-source blockchain platform NEAR Protocol [NEAR] reached a milestone of 250 million transactions on the platform.

Read NEAR Protocol’s [NEAR] Price Prediction 2023-24

The NEAR Protocol is designed for applications that require high scalability and low transaction fees, such as decentralized applications (dApps) and decentralized finance (DeFi) applications. Furthermore, it is home to 750 active projects and 125 decentralized autonomous organizations (DAOs). 

The NEAR ecosystem saw considerable growth as the count of its total accounts, monthly active wallets, transactions, active developers, and projects spiked in the last year.

Source: NEAR Protocol

NEAR Protocol on the chain

In the latest version of its Weekly On-Chain Data Report, over the last week, it saw a jump in the daily average count of new wallets created on the NEAR blockchain. New accounts on NEAR reached a weekly high of 25,001 on 12 December, with an average of 24,000 wallets created daily. 

This represented a 42% jump from the 14,000 wallets created daily in the previous week. NEAR noted that this rally brought the total number of wallets on the blockchain to two million. 

Source: NEAR Protocol

As for daily active accounts on the network, NEAR reported that, in the last week, the count of wallets making on-chain transactions reached a high of 92,440 on 12 December. However, this number retraced to about 51,000 per day.

Source: NEAR Protocol

Furthermore, NEAR saw a jump in the count of new contracts and active contracts on its network between 12 and 16 December. Per the report, the number of new contracts on NEAR reached a daily high of 57 on 13 December, from the 17 new contracts created on 11 December.

Regarding active wallets, NEAR reported,

“This metric also trended upward this week, with 640 measured on December 11th and a high of 797 Active Contracts created on December 13th.”

Source: NEAR Protocol

NEAR zero

While the NEAR blockchain saw some ecosystem growth in the last week, its native coin NEAR saw no spike in its value. Per data from CoinMarketCap, NEAR traded at $1.40 at press time. Moreover, in the last week, NEAR’s price fell by 17%.

With a consistent decline in On-Balance Volume (OBV) over the last week, sellers had control of the NEAR market at press time. 

At the time of writing, the 20 Exponential Moving Average (EMA) was positioned below the 50 EMA (yellow) line. Lending credence to this position was NEAR’s Directional Movement Index (DMI). NEAR’s sellers’ strength (red) at 36.48 rested above the buyers’ (green) at 14.22. 

The Average Directional Index (ADX) showed that buyers might find it difficult to revoke the sellers’ strength in the short term.

Source: TradingView