NEM is rarely a headline breaking cryptocurrency, but after recent movements, the NEM project has paved its way to the front pages this week after embarking on a price rise in excess of 30% through the start of this week. As of Saturday, XEM recorded a value of around $0.093, yet by the early hours today, XEM had surpassed $0.12, seeing a price climb of just over 30% during this time. It’s an impressive climb, one that will see many investors very pleased given that this is the first major spike seen in the value of XEM since the mid-April market surge of 2018.
Granted, XEM is a little way off surpassing it’s all time high value of $2.09, however what this does prove is that XEM still has the ability to climb. What this means then, is that when the markets do take a general upswing (in a bull run, probably led by Bitcoin) XEM will take advantage of this and will climb once again.
Please do remember that this is not investment advice. If you choose to invest in XEM you should do so based on your own prior research. Cryptocurrency investment is risky, even when cryptos are flying high. Only invest what you can afford to lose and remember to trade safe.
What exactly is NEM?
Before we look into why XEM is flying high this week, we want to quickly explore the NEM project. Ranked 15th for market capitalisation, according to CoinMarketCap, XEM is quite often left hidden from the limelight, as stated earlier, it’s rare that we see NEM hit the headlines. With its native token, XEM, coming in at a ranking of 15 is no mean feat however, XEM is one of the largest cryptocurrencies around, therefore, more of us should be talking about it!
NEM is known as the smart asset blockchain, it uses blockchain technology to make the most of performance, scalability and speed. NEM is built on its own native blockchain, one that has been designed from the bottom up. It’s private and works via a very high speed consensus mechanism, maintained by the NEM supernode programme, this ensures transparency across the NEM network, whilst also ensuring that the network remains reliable and stable.
According to the NEM website:
“NEM’s architecture is designed for both simplicity and flexibility of development. The blockchain itself is supported by nodes running NEM-provided software that implements NEM’s feature set and unique consensus mechanism. This may either be the open, decentralized, self-supporting NEM public blockchain, or it may be a permissioned private NEM blockchain running on your own servers.”
This is all managed by the NEM Foundation, a global group of people with a range of expertise that spans across the industry.
Furthermore, according to NEM:
“The NEM Foundation is endorsed by an international network, compiled of a wealth of experience in IT, entrepreneurship, business processes, trading, property and asset development, international management and academia. The business’ ethos is to provide NEM’s blockchain technology platform to enhance enterprise whilst being run by the people, for the people. NEM’s team provides this through an array of support and education, from training events and service providers to technical support for the ecosystem Our unique leadership approach sets a clear, rigorous course for an ever evolving influence growing in every business and region, at every level. As a result, our leadership team reflects a group of internationally diverse individuals with breadth and depth of experience across the foundation.”
What is NEM for?
All things considered, NEM is very much a multi-purpose blockchain with many different uses. The NEM Foundation claim that NEM has a potential use for every single industry, including government blockchains and even academic blockchains too. According to NEM:
“NEM Blockchain technology has the potential to change the way every industry manages its information and data. The Foundation details the opportunities in every industry to effectively store transaction, customer, and supplier data in a transparent immutable ledger. Government organizations across the globe are exploring the use of blockchain technology to improve operations. The ability to record transactions on distributed ledgers offers new approaches for governments to improve transparency, prevent fraud, and establish trust. The Foundation is committed to work with Governments to further spread the use of NEM Blockchain Technology.”
“Educational institutions can utilize the blockchain to store data around assessments, degrees, and transcripts, as well as verification of knowledge transfer between parties. The Foundation helps institutions to adopt NEM technology so they can enjoy the benefits of Blockchain technology.”
Why is XEM flying high?
So, as we stated earlier, XEM has seen incredible progression over the weekend and as a result, is flying very high at the moment. The reason for this is pretty clear - the XEM bull run has been inspired by the fact XEM has been re-listed on the hacked cryptocurrency exchange, Coincheck.
In January 2018, Japanese cryptocurrency exchange Coincheck became the victim of a massive hack, which saw around $532 million worth of XEM stolen. As a result of this hack, Coincheck, in short, have been left to recover and rebuild their entire brand and system. Now, with the wheels back in motion at Coincheck, they have very recently announced the re-listing of XEM, which in turn seems to have inspired this recent NEM bull run. This was officially announced on the 12th of November by the official NEM Twitter account, which shared the official Coincheck announcement.
With Coincheck now enabling the trading of XEM, the NEM project has seen a real boost, both in terms of the adoption of the XEM token and of course, the value of it too. It’s exciting news for NEM investors, though we must remember that while this has had a great impact on the market cap of XEM, we can’t expect this bull run to last forever. Correction will take hold and the value of XEM will start to slow back down. Even so though, we can’t deny that this few days have been pretty exciting for those investing in the NEM project.