NEM jumps to a 42 week high – reasons unknown NEM jumps to a 42 week high – reasons unknown
"Dead coin" NEM experiences a pump to $0.0772 off the back of spiking volume. No new fundamental developments were noted.
1 min read
Updated: Feb. 27, 2023 at 2:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
NEM posted an 86% upswing on the daily candle to hit a price of $0.0772 — a level not seen since May 2022.
The 30-minute chart below shows buyers came in around noon GMT to send XEM significantly higher. 24-hour volume data currently comes in at $321.42 million — marking an over 3,000% increase over the previous day.
Bears have since stepped in, knocking the token’s price back down to $0.0694. But the majority of the gains remain intact at press time.
Year-to-date (YTD) gains come in at 171%, equating to outperformance versus market leader Bitcoin — which has gained 43% since the start of the year.
What is happening with NEM?
No new fundamental developments have been noted. The company’s Twitter account has not posted since Christmas Eve and prior to that previous posting on July 15, 2022. Incidentally, comments were switched off on the July 15th, 2022, post.
Having achieved an all-time high of $1.87 in January 2018, NEM was — at that time — a significant project placing seventh in the market cap rankings.
However, the project has since faded into obscurity and currently places 82nd.
Posted In: Analysis
Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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NEM is a blockchain built from the ground up for enterprise-grade performance.
