NEM (XEM) Continues to Spike on Enthusiastic Trading
The XEM coin is back above $0.50 as buyers return.
NEM (XEM) expanded its rally for another day, after trading resumed on Coincheck. The asset appreciated by more than 20% once again on Asian trading, reaching $0.51, while other coins and tokens kept sliding, and Bitcoin retreated toward $9,100.
So far, XEM has not regained all of the positions suddenly lost after the Coincheck wallet hacking. And the NEM project continues to make the rounds worldwide and popularize the brand. Right now, the asset is still relatively unpopular even with crypto traders. One of the reasons behind this is that despite the project's age and prominence, it has been overlooked for now, and it is not yet on Binance, losing on the community effect.
Some believe XEM may be back just in time for another bull run for altcoins, or the trend may be specific to this asset. But others are coming up with a warning: while on the one hand the hack victims may be re-buying their assets, there are still millions of XEM coins awaiting to be sold.
The NEM foundation said it would track the stolen funds, and yet so far little is known about the amount and location of tokens. Some have claimed that part of the haul was already exchanged. According to reports, up to 40% of the coins have been laundered, still leaving a significant amount to move. Yet the stolen XEM would not appear on exchanges, but be moved through dark web channels, stated the research of Japanese group L Plus.
Also, XEM exchanges may have hidden pitfalls. At the moment, Poloniex and Bittrex are the safest bet with an operational wallet. Cryptopia is the least recommended, with lost deposit reports. HitBTC has still suspended its XEM wallet.
At this point, NEM has the benefit of a large and relatively established community, and the market price may follow. NEM nodes are the most widely distributed in Europe, even more than in Asia. In 2018, the project is starting to add partners, users and developers for its technology. NEM is one of the few blockchain platforms written from scratch, and it has been one of the overlooked alternatives to Ethereum.