The NEAR token fell 9.2% in 24 hours on November 3, 2026, dropping to 21st place by market capitalization at approximately $4.87 billion. It had briefly rejoined the top 20 during October’s rally, reaching a market cap of about $7.2 billion, before a broader crypto market correction erased those gains. Meanwhile, the community approved the HSP-029 proposal with 99.9% support, reducing the maximum annual issuance rate from 2.5% to 1.6% over two years. The measure is expected to keep nearly 11.8 million NEAR tokens out of circulation, but its long-term impact did not outweigh short-term selling. The decline reflects a broader risk-off environment and deleveraging in derivatives markets, which tends to hit high-beta assets such as NEAR particularly hard.
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