🪐 Near's short‑term tumble deepens

NEAR token has been hammering lower as contract volume and price both plunge, wiping out roughly $3.5 bn in open interest. The rally that seemed to pop up looks like a classic trap set by large holders.

🧬 On the bearish side, the network’s TVL is heavily inflated by short‑term subsidies; once those incentives evaporate the DeFi layer could collapse, leaving the protocol exposed. The bullish argument—that the five‑year mainnet and $5 bn raised give it resilience—fails to account for the liquidity‑driven price support being stripped away. I’m leaning toward a continued downside as the market punishes the over‑leveraged TVL.

⚡ The biggest risk is that the subsidy withdrawal will trigger a cascade of liquidations, turning today’s dip into a multi‑week decline.

⚠️ Personal analysis only. Not financial advice. DYOR.

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