The crypto-sphere is getting highly competitive for most coins but NEM (XEM) appears to have been hit hard by the bearish onslaught. The coin has been shedding its value in the market since January and has moved from the 7th most valuable coin by market cap to the current 16th.
The beginning of the year saw the NEM market cap hit the $15.04billion mark with a coin trading at $1.67. However, the coin has been dropping ever since to the current market cap of $1.06billion and the coin price dipping below the $1 mark. This has seen a total volume drop of over 90% but the good news is, the coin is back and might soon capture the lost glory.
NEM (XEM) Getting Back on its Feet
The January crypto-hype was based on the cryptocurrency ownership fad and most investors were getting onboard any coin due to the then FoMO (Fear of missing out). The prices of mainstream coins were getting out of hand for the ordinary adopter and alternative coins like NEM were the safe havens.
NEM has been working on its infrastructure and already has a value proposition to offer in the market than 8 months ago. This came after a security lapse saw the Coincheck get hacked and a total of $534millin worth of XEM were stolen and this eroded the investor confidence on the NEM platform. Although the blame could have gone the Coincheck way, it was NEM responsibility to ensure they got the best security funds cover from the exchange.
NEM (XEM) Redefining its Use Cases
NEM has however been making positive steps toward restoring its position in the market and is already making inroads back to the top 10 most valuable coins in the market. The move by the Ukraine Electoral body has announced it is exploring the possibilities of using NEM’s secure, transparent and reliable technology for their presidential elections.
NEM stands a better chance to deliver credible election results according to the head of the Ukraine Electoral Commission, Oleksandr Steimakh:
“One of the useful properties of the technology is the impossibility of making changes to the saved information, as well as the decentralization of the data on its blockchain. These are the properties we tried to use to save the information of the ballot sessions about the calculation of the voters at the ballot for the election of the president of Ukraine.”
NEM (XEM) Renewed Route to Market Strategies
The month of August has seen NEM presence in the market beginning to be felt. The listing of XEM on Bitpanda is a huge boost for the coin and since its addition; the coin has been getting back to life. It has seen the coin value it move from the 17th position to 16th. This listing has increase has seen increased investor interest and this could restore their confidence on the coin.
The coin has also seen more companies connect their projects with NEM. CopyRightBank, ReadyPlayGo and PundiX are some of the firms giving NEM the support and a clear massage of the technology usability. The increased real life use cases appear to be bringing back the coin to the limelight.
After the renewed activity on the NEM protocol, the XEM price has not disappointed despite the bearish market during the month of August. The coin has be trading session after gaining against the dollar by 3.04% to trade at $0.122704. The surge has long term implications and this could lead to a breakout past the $1 by close of Q4.