Becoming a Millionaire by Investing in NEAR Protocol: Is It Possible?
Date: 2024-01-26 Author: Dima Zakharov Categories: BUSINESS
NEAR Protocol - A Game-Changer
NEAR Protocol is a secure, scalable, and high-performance Layer 1 network designed for decentralized applications (dApps). It offers practical solutions for both developers and users, operates on the Proof-of-Stake (PoS) consensus algorithm, and utilizes smart contracts with cross-chain functionality.
NEAR tokens are used for transaction fees, staking by validators or delegators, and participating in ecosystem-related votes. As of the time of writing, it ranks 29th in the top 100 cryptocurrencies with a market capitalization of $2.92 billion.
How Much NEAR to Buy for Millionaire Status?
To calculate the number of tokens needed to become a millionaire when NEAR reaches its historical high, you can use the following formula:
Number of Tokens = Target Amount / Expected Future Price,
Where:
- Target Amount is $1 million
- Expected Future Price is the historical high of $20.44
To have $1 million in your account, you would need to purchase approximately 48,895 NEAR tokens. At the current price of $2.85 per token, this would cost $139,189.
However, it's essential to remember that the crypto market can be highly volatile and subject to "black swan" events. These calculations are based solely on current data and assumptions. Always prioritize risk management and trade only with funds you can afford to lose.
