The rally coincided with the launch of new NEAR Intents features, such as limit orders, within a broader crypto market upswing. Sharp gains concentrated in a few days tend to come with elevated volatility in both directions.
When price action is looking great especially influenced by bitcoin, the altcoin can pump outta nowhere, even if most of us have no idea what happened. People speculate. However, my guess is Bitwise NEAR ETF and rotation from ZEC bag holder.
NEAR doesn't have a hard supply cap like Bitcoin's 21 million; instead, the protocol sets maximum inflation parameters adjustable through governance, currently 2.5% a year after the cut approved in late 2025.
The same thing with most altcoins. Premine, uncapped total supply, adjusted inflation through governance, burn mechanism, allocation for founders and ecosystem. Old news for altcoin, Ethereum and Solana is also the same. Therefore the supply cap in altcoins has long been dismissed as one of the main equation when you're calculating potential upside.