NEM Price Rebounds to Two-Month High Following Coincheck Relisting

The price of NEM tokens (XEM) has risen some since Japanese exchange Coincheck announced that it would once again allow trading of the token, which was suspended after a hack at the exchange led to a more than half-billion dollars in tokens being stolen and systematically laundered through other exchanges.

The XEM price started picking up momentum just before the announcement. It presently sits at almost 12 cents per token with a market capitalization of nearly $1 billion, a far cry from its January high (which had built up from momentous trading throughout last December) of nearly $1.50.

nem price
Source: CoinMarketCap

NEM is 17th on the current list of tokens by market capitalization. It hit a high of $0.114 overnight, but currently sits about .007 less than that, at time of writing being worth $0.107375, marking a 16 percent gain. It beats out notable contenders like zcash by hundreds of millions of dollars.

It is always pertinent to mention in these things that liquidity may or may not exist for the total market capitalization of a given token. Only those actively and widely traded against fiat currencies can accurately be reported as having this or that market capitalization. In terms of tokens which are largely traded against larger cryptos, the reality of their market capitalization is in fact hard to gauge — prices tend to drop astronomically when sales begin to cascade. Nevertheless, that it retains a moving token a price over 10 cents despite its past problems and in the face of a massive supply (1 shy of 9 billion units) is important.

New Economy Movement

The New Economy Movement is an entirely original blockchain codebase which introduced the concept of Proof of Importance, or a system that “not only rewards those with a large account balance, but also takes into account how much they transact to others and who they transact with.”

Regardless of the token price, the business end of NEM has kept up operations and entered into several strategic partnerships, including with OATH Protocol and Portal network. They have also created a product called PUBLISH, which is supposed to be some kind of decentralized news gathering/publishing service.

Featured Image from Shutterstock

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Author: P. H. Madore

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