NEAR Protocol's token rose about 16% over the weekend as trading volume hit a record. A new spot ETF, rising NEAR Intents volume and a proposed cut to token issuance accompanied the move.
NEAR Protocol's token rose 15.8% between 4 p.m. ET on Friday and 3 p.m. ET on Monday, according to The Motley Fool. Trading activity climbed alongside the price.
Record volume and a $6.00 peak
The sharpest burst came on October 10, 2026, when NEAR gained as much as 11% and touched $6.00 on Binance. The token later cooled to around $5.64. Daily trading volume hit a record of approximately $3.54 billion, a 98% increase.
Over the four weeks into mid-October, NEAR rose by at least 83%, and some measurements put the gain at 138-172%. The rally lifted NEAR's market capitalization to around $7.2 billion, back inside the top 20 digital assets.
What is feeding demand
NEAR Intents, the network's cross-chain feature, handled a record $4.8 billion of swaps in September. Crypto Briefing reports the product has recorded more than $31-33 billion in cumulative cross-chain volume across over 30 chains.
Bitwise also launched the first US spot NEAR ETF on September 29, 2026, trading under the ticker NRR. The fund drew nearly $58 million in inflows during its first week.
A governance proposal would cut maximum annual token issuance from 2.5% to 1.6% over the next 24 months. Crypto Briefing says the proposal is not finalized. The Motley Fool notes validators still have to approve it.
Short squeeze and an exploit
Traders betting against NEAR saw roughly $6.5 million of short positions forcibly closed in a single day, according to The Motley Fool. Each of those exits required buying the token back, and a short squeeze like that can turn a rally into a sprint.
NEAR Intents also took a $3.8 million exploit in early October. The funds were recovered within 24 hours, and the token showed no lasting damage.
The Motley Fool says short squeezes tend to fade once the forced buying ends, and Wednesday's U.S. Consumer Price Index report could also move risk assets, crypto included.
Sources: Crypto Briefing, Fool
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