NEAR Q3 Market Cap Dive: Exploring The 27% Plummet And Key Financial Metrics

A recent report from Messari provided an overview of the NEAR protocol's performance during the third quarter of 2024, which was marked by significant volatility in the broader cryptocurrency market. During this period, NEAR's circulating market cap fell to approximately $5.16 billion, a 27.52% decrease quarter-over-quarter. The protocol's token price also declined slightly, closing the quarter at around $5.29, a marginal decline of 0.21% quarter-over-quarter. Despite these challenges, NEAR maintained its position as the 17th largest crypto by market cap, indicating relative stability among leading digital assets. Over the past three weeks, NEAR's market capitalization has risen to $7.99 billion, a 54% increase, amid the broader market rally led by Bitcoin and the catalyst of Donald Trump's election. NEAR's revenue, which measures network transaction fees, dropped to approximately $1.64 million, a 30.13% decline quarter-over-quarter, due to a decline in transaction volume. As of the end of Q3 2024, about 93.46% of NEAR's total token supply was in circulation, with 52.36% of that supply staked. The report also highlighted a concerning trend in developer engagement, with a significant drop in weekly active core developers and ecosystem developers. In terms of decentralized finance, NEAR's Total Value Locked recorded a modest increase, ending Q3 at approximately $251.44 million, a 7.63% rise from the previous quarter. NEAR's liquid staking TVL also grew by 9.85% quarter-over-quarter, reaching around $279.66 million.