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FIGR_HELOC $1.07 NEAR Price Rises 6% After Bitwise CEO Highlights AI, Business Upside
The token gained after the Bitwise chief pointed to NEAR Intents' growth and AI agent use cases as additional value drivers.
Key takeaways
- 30-day volume up 896%. NEAR Intents 30-day trading volume rose 896% year-over-year to pass $4 billion.
- 30-day revenue up 512%. NEAR Intents 30-day revenue exceeded $2 million, a 512% increase from the same period a year earlier.
- Token down 75% from ATH. NEAR currently trades roughly 75% below its January 2022 all-time high of $20.44.
What happened
NEAR Protocol's native token rose 6.23% in the 24 hours ending October 8, reaching $5.38 and extending a 30-day rally of more than 130%. The price move followed public comments from Bitwise CEO Matt Hougan, who highlighted the network's existing operating business and AI agent ambitions as value drivers. Hougan pointed to NEAR Intents, the network's cross-chain trading system, which has processed more than $30 billion in cumulative volume, with 30-day volume passing $4 billion and 30-day revenue exceeding $2 million. The comments came after Bitwise launched the first U.S. spot NEAR ETF, which offers investors regulated access to the token and staking rewards.
Why it matters
Hougan's comments frame NEAR as a smaller-cap crypto asset with both a current revenue-generating business and longer-term AI-related upside, a combination he said is rare for assets of its size. The network's NEAR Intents system is designed to support transactions between AI agents as digital market activity shifts toward automated systems, with Bitwise describing the structure as a flywheel where increased AI agent usage drives more Intents activity, which in turn creates more settlement demand on NEAR Protocol. The network has also expanded into tokenized U.S. stocks and ETFs via a partnership with Ondo Finance, which uses NEAR Intents to provide cross-chain access to those assets. Trader and analyst Michaël van de Poppe said he expects another bullish breakout for NEAR, calling the current price structure bullish, and noted he would look to buy a dip if the price sweeps recent lows first.
What is still unclear
- No single catalyst has been identified for NEAR's recent price surge, as fund-flow data has not pointed to a specific cause for the rally.
Questions readers ask
Why did NEAR price rise recently?
NEAR rose 6% after Bitwise CEO Matt Hougan highlighted the network's existing business and AI agent potential. The token has gained more than 130% over the past 30 days.
What is NEAR Intents?
NEAR Intents is the network's cross-chain trading system that lets users or AI agents specify desired outcomes, with a network of solvers handling cross-chain execution. It has processed more than $30 billion in cumulative volume.
Does NEAR have a maximum supply cap?
NEAR has no maximum supply cap, and new coins continue to enter circulation, which can dilute value if price gains do not outpace new issuance.
