Near Protocol eyes a Terra-like price rally after new $350M funding raise
Near Protocol (NEAR) has rallied by almost 30% after announcing on April 6 that it had raised $350 million in a funding round led by Tiger Global, a New York-based hedge fund.
NEAR's price reached over $19.75, just about 2.5% below its all-time high. 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.
Adoption remained the key focus behind the bullish predictions. For instance, Zoran Cole, the founder of the popular Telegram group Crypto Insiders highlighted that Near Protocol will announce the launch of its own native algorithmic stablecoin called USN as early as April 20.
The stablecoin will reportedly use a Terra-like native token burn mechanism to maintain the U.S. dollar peg, effectively reducing NEAR supply.
Additionally, as Cole asserted in his investment thesis, Near will offer stakers an annual percentage yield of around 20%, thus incentivizing DeFi capital rotation toward its pools and boosting NEAR's demand simultaneously.
2/ $USN by @NEARProtocol : https://t.co/kHNqXVuTSJ
"This will lead to a comparison of Near to Terra as the narrative for attractive stablecoin yields proliferates," he noted, adding:
Slim Trady, a pseudonymous market analyst, also expects NEAR to reach new all-time highs, noting that there is "no substantial resistance left" on the coin's chart that could cap its upside moves.
Don't act like nobody told ya about $NEAR.Patience. That's all you've ever needed in this market.New ATHs are very #NEAR...teehee.✍️✅ https://t.co/M2QdtXvdE7
Despite being in the top-20 crypto assets by market capitalization, NEAR remains listed only on a few crypto exchanges, including Binance, Huobi, KuCoin, and Upbit, limiting
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