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      NEM – Is the coin worth watching? - Stocks Telegraph

      By Muskan

      Published on

      August 30, 2021

      9:12 AM UTC

      NEM – Is the coin worth watching? - Stocks Telegraph

      NEM aims to build the next generation of blockchains. Abbreviated as the New Economy Movement has ambitious plans for the blockchain space with the goal to transform the way we view blockchains or cryptocurrencies. NEM aims to place itself apart from altcoins or the existing blockchains. NEM also regards itself as the Smart Asset Blockchain with the aim to facilitate the seamless management of data and assets at a nominal cost. 

      XEM crypto started off the year with a price of $0.1929. It quickly exploded towards $0.7729. however, the bullish momentum of the market could not help NEM break a new all-time high. The ATH of the cryptocurrency stands at $1.84 – established in 2018. NEM started declining sharply after the 52-week high was recorded and dropped to a price level lower than at the beginning of the year. The cryptocurrency effectively reversed all the gains of the 2021 bull run. 

      The crypto market has been gripped by the bulls again and the bullish momentum has helped NEM reach the current price of $0.195. The technical in the daily timeframe suggests bearish dominance with both the price and the trading volume falling. Is NEM a good cryptocurrency to watch out for? Is there any chance of an upside break out? 

      What is NEM? 

      The cryptocurrency was created in 2015 by a Singapore-based non-for-profit organization, NEM.io Foundation. NEM is essentially a hard-fork of another network by the name of NXT. Soon after its inception, the Foundation decided to develop its own code for NEM which will make it much more scalable and faster. 

      What sets NEM apart is its Proof-of-Importance and Harvesting. Instead of employing the much-used Proof-of-Work or the newer Proof-of-Stake mechanism, the network developed its own consensus protocol. NEM’s POI mechanism addresses the issues of PoS and PoW by giving importance to users who are more invested in NEM. The number of coins held and the period of holding are considered to be qualified for generating blocks on the network. 

      What does XEM’s future look like?

      NEM was once one of the top ten largest cryptocurrencies; however, it has now taken a backseat. The bullish momentum of the bull run could also not help it break its ATH. This has raised questions regarding the future of cryptocurrency. However, it has decent fundamentals with bullish price predictions. The cryptocurrency’s future may not offer phenomenally high returns as one may expect in the cryptocurrency market but the trajectory is expected to be moving upwards. 

      According to the estimates of Wallet investors, XEM is expected to be operating at a price level of $0.362 in a year’s time while the price is expected to reach $0.979 in five years’ time. Digital Coin Price’s projections place the cryptocurrency at $0.288 by the end of the year while the price is expected to reach $0.678 by 2026. 

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