NEM Payout Turned into Inadvertent Profit Taking for Traders with Coincheck Losses
As Coincheck pays out at a pre-agreed price, re-buying XEM at a lower price became a viable option.
Traders that lost their NEM (XEM) coins in the Coincheck wallet hack may have their cake and eat it, too, as the payouts for losses began. The agreed price of $0.81 per XEM was lower than the market price at the time of the hack. But now that markets have slid, re-buying the digital asset and even having a profit is becoming a viable possibility. For now, the start of widespread compensations for the lost XEM may be protracted due to investigations - but the coin will probably not return to that price range in the near future.
Funds would most probably get returned in the new week, and XEM trading may resume soon, potentially boosting the price.
The NEM market price held up in the past day as the markets slid, hovering around $0.34. The price is still 14% down compared to last week, and seems set to continue the downward trend. Yet buying may return for this asset.
Meanwhile, the NEM team is making the rounds popularizing the platform for business solutions.
NEM is a unique asset in having most of its trading happening in pairs against fiat, on the UpBit Korean exchange, as well as on the Japanese Zaif market. This makes the price of XEM independent of Bitcoin-based speculation. Yet the asset has not repeated the move of Mona Coin (MONA), which jumped near $20 on speculative trading restricted to Japanese markets.
But the biggest move toward wider adoption and another bull run in the case of XEM could come from a listing on Binance. There have been rumors that NEM was intended for a listing, and only the Coincheck hack stopped the process for now.
Binance carries the mood of Asian traders, but also invites international users, thus potentially giving XEM a boost and a wider exposure to the investment and trader community.
Yet NEM remains a long-term project, with new solutions and ICOs coming up more often in recent months. Projects include the MHUB real estate startup, and the FOMO token. TravelByBit, the Australian airline, is running a vote to include XEM payments as well.
So far, no news have been heard about the Venezuelan Petro, where at one point NEM-based tokens were created, but no one is certain if they are the real digital asset backed by president Nicolas Maduro.