The Near token continues to decline for the second consecutive day following the recent launch of Nightshade 2.0 on the mainnet and in anticipation of Nvidia's earnings report.
Near DeFi Inflows Jump
A closer look at Near’s ecosystem reveals that most dApps in its decentralized finance ecosystem have experienced strong inflows in the past few weeks. Burrow, a lending marketplace similar to AAVE, saw its inflows jump by 23% over the last seven days, reaching $160 million. Similarly, inflows into liquid staking apps like Linear Protocol, Meta Pool, Here Wallet, and AllStake have increased by over 25% in the same period. Overall, the total value locked (TVL) in Near Protocol has soared to over $654 million, its highest level since July.
Nvidia Earnings Ahead
The Near token is also in the spotlight as traders await Nvidia’s earnings, scheduled for August 28. These results are significant because Nvidia has become the leading AI company, pushing its market cap to over $3 trillion. The earnings report will provide more insight into whether the AI industry is still growing. In its last financial results, Nvidia’s revenue jumped by over 240% to $26 billion, surpassing its earnings from the entire fiscal year 2021. Analysts expect Nvidia’s quarterly revenues to come in at over $28.7 billion, higher than the $26.9 billion it made in 2022. Near Protocol has positioned itself as a prime blockchain for AI developers by offering agentic frameworks, payments, compute tools, and decentralized storage solutions. It has been adopted by companies like Ringfence, Masa, and Cosmose AI.
Near Token is Still in a Downtrend
The daily chart shows that the Near token is still in a downtrend even after rising by over 57% from its lowest point in August. It remains below the upper side of the descending channel that connects the highest swings since May 26. Near has also been forming a series of lower lows and lower highs, meaning that there is a risk that it may resume the downtrend and retest the support at $4. A bullish breakout will be confirmed if Near rises above the descending trendline.
The Nightshade 2.0 launch and anticipation of Nvidia's earnings have impacted Near token price. However, the growth of locked funds in Near's DeFi ecosystem indicates significant interest in the platform despite the current downtrend of the token.
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