NEM (XEM) Rises on News of Catapult Tokens Launch
The coin reawakened after Zaif announced the upcoming distribution of the new network’s tokens.
The NEM (XEM) project may finally build its Catapult upgrade, a new network that promises higher scalability. Unfortunately, NEM lagged behind its plans for years, and news of the Catapult upgrade started to look as vaporware. But now, a renewed hope has boosted the price somewhat, after the promise of a new asset airdrop.
In the past day, the XEM market price rose by above 20%, from $0.036 to $0.045. The price of XEM is still depressed, but volumes have reawakened somewhat, after the prolonged bear market.
XEM seems like a forgotten token, despite the previous promises of a scalable network. NEM peaked at $1.72 at the end of 2017, and entered a significant price slide after that. The loss of the Coincheck exchange also affected the price discovery of XEM. After the Japanese exchange hack, XEM slid from the $1 level to new lows.
The XEM asset also suffered from a recent exploit against the Zaif exchange in 2018. However, the NEM team claimed the wallets and tokens were safe and unaffected.
XEM has become one of the altcoins that have failed to market themselves, and relied on limited trading on the Japanese markets. XEM sees 88% of its volumes set against Tether (USDT), with a significant representation on Binance. However, the coin has failed to budge, and there are hardly any news from the project, with limited marketing to Western audiences.
Still, the Catapult network has increased the attention of some investors, with the possibility to bring XEM back to visibility.
The Catapult upgrade, however, is still far and may turn out to be problematic for the NEM community. At this point, the chief appeal is an airdrop, but it is uncertain whether the NEM leadership may turn the upgrade into a brand-new product.
In the meantime, XEM has fallen out from the top 20 of coins, down to position 25.