NEM (XEM) Hits Rock Bottom, Any Signs of Return?
The XEM asset has been sliding sharply despite positive longer-term expectations.
The market price of NEM (XEM) at one point seemed to be set to move the asset to a new price range, confidently above $1. But in the case of XEM, the upward run turned out to be short-lived. Despite many promises for 2018, the price movement of XEM in the past two months looked like a slow-motion pump and dump.
XEM slid to $0.40, not so far from the recent traditional range of $0.22, where the asset stayed for months.
In the past week, XEM trading has slowed down to pre-December levels, starting to resemble the low-volume, low-volatility movement from past years. Still, it is notable that XEM has started from sub-penny positions, so the levels near $2 represented a phenomenal increase.
It seems XEM has not shaken off the Coincheck heist. These days, the Japanese exchange is offering withdrawals at $0.80 cents per XEM coin. At first, investors were skeptical about the cash payout, but after the recent drop in prices, the effect may in fact be positive.
Yet withdrawals of crypto coins have been disabled from the exchange, adding to a sense of unease with investors. At the moment, only ZAIF is the most active market for XEM, but even there, 24-hour volumes have fallen to around $4 million. Total XEM volumes have dwindled to $19 million in 24 hours.
On the positive side, the ATUM project has chosen the NEM network for its blockchain-based solution:
ATUM is a bio-engineering company aiming to bring decentralized technology to DNA research, providing a real-life use case for the NEM network.
Despite the recent bout of bad publicity related to the Venezuelan Petro crypto asset, NEM continues to seek partnerships with business and government organizations, aiming to provide a suitable technological standard for large-scale, crucial computing and record-keeping.
JUST IN: NEM Foundation Director of Partnerships for Hongkong and Australia, Ricardo Medrano, presenting to Paul Russell and Kyleigh Hickling, Queensland Executive Directors of Department of Innovation Tourism and Industry Development. pic.twitter.com/hIvtkcVHcC— NEM (@NEMofficial) March 2, 2018
At the moment, there is still confusion whether the Petro would launch as a NEM-based asset, or revert to the Ethereum network.