On November 2, the NEAR community passed a proposal to cut issuance with 99.9% of the vote: annual inflation will drop from 2.5% to 1.6%, reducing issuance by 11.8 million tokens over two years. In theory, fewer tokens should mean a higher price.
Instead, the token fell 9% in a day, dropping out of the top 20 by market cap. Its market cap shrank from a peak of $7.2 billion in October to $4.8 billion.
Voters are still talking about long-term thinking in the group chat, but the market has already voted against them. $3.62 is the floor; break below it and it could head for $3.41. It won’t be out of the woods until it gets back above $3.90. Tonight’s 21:30 nonfarm payrolls report will decide the next move.
$NEAR $BTC
#NEAR #IssuanceCut
Instead, the token fell 9% in a day, dropping out of the top 20 by market cap. Its market cap shrank from a peak of $7.2 billion in October to $4.8 billion.
Voters are still talking about long-term thinking in the group chat, but the market has already voted against them. $3.62 is the floor; break below it and it could head for $3.41. It won’t be out of the woods until it gets back above $3.90. Tonight’s 21:30 nonfarm payrolls report will decide the next move.
$NEAR $BTC
#NEAR #IssuanceCut
