• Near Protocol price jumped on Wednesday in line with other Sam coins like Solana and Serum.
• Sam Coins refer to those cryptocurrencies that Sam Bankman-Fried, the founder of FTX and Alameda Research, has invested in.
• Near Protocol has struggled in the past few months, with its popularity among investors waning and its total value locked (TVL) in its DeFi ecosystem dropping to $98 million.
Near Protocol, one of the few cryptocurrencies that are known as Sam Coins, staged a slow recovery on Wednesday. Sam Coins refer to those cryptocurrencies that Sam Bankman-Fried, the founder of FTX and Alameda Research, has invested in. Near Protocol paused its remarkable selloff as Sam Coins staged a strong comeback. The coin rose to a high of $1.428, which was the highest level since December 16th. It has rallied by more than 14% from its lowest level in 2022.
Solana, another Sam Coin, has been one of the worst performers in the crypto industry after the collapse of FTX. Its DeFi ecosystem has lost billions of dollars and it currently stands at $350 million. Near Protocol has also struggled in the past few months. Its popularity among investors has waned while the total value locked (TVL) in its DeFi ecosystem has crashed to $98 million. At its peak in the summer of 2021, it had a market cap of more than $6 billion and its TVL stood at $1.8 billion.
The recent rebound in Near Protocol’s price coincides with a rebound in the broader crypto markets. Bitcoin has surged to new all-time highs and Ethereum’s price is also up. The recent rally in Near Protocol’s price could be attributed to the institutional demand for Bitcoin and the overall positive sentiment in the crypto markets.
The bullish momentum in Near Protocol’s price could be short-lived if the crypto markets face a correction or if the Sam Coins fall out of favor with investors. The coin is still down by more than 60% from its all-time high of $3.60 and it is yet to reach its previous peak. In the near term, Near Protocol’s price could remain volatile and investors should exercise caution while investing in it.