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NEM price prediction: Will XEM surge again?

By Raphael Sanis

Edited by Charlie Mellor

12:50, 29 September 2022

The NEM name and icon appear on a computer keyboard
NEM offers blockchain interfaces and architecture to businesses – Photo: Shutterstock

It has been a bumpy history for NEM after it launched in 2015. A financial audit in 2019 saw the blockchain-as-a-service (BaaS) organisation face bankruptcy scares.

While it restructured management and budgets, its XEM cryptocurrency has been stuck in a bearish trend since it launched the Symbol blockchain in 2021.

XEM to USD

XEM is currently experiencing a short-term rally with it up 3% in the past seven days. But forecaster CoinCodex does not think this surge will last.

What is NEM?

NEM, an acronym for New Economy Movement, is an open-sourced blockchain designed to empower companies’ blockchain endeavours. It aims to provide the crypto architecture and programming interfaces required for a blockchain presence.

Launched in 2015, it describes itself as “one of the pioneers of the cryptocurrency industry”. The initial mission was to create a blockchain that improves on where others went wrong, this was addressed through its unique consensus mechanism. Its documentation said:

“NEM is a peer-to-peer platform and it provides services like payments, messaging, asset making, and naming system. There shall be a lot more to come as NEM is an evolving solution with an outstanding core blockchain technology.”

NEM was co-founded by Lon Wong and Jeff McDonald. Based in the US, McDonald was an early blockchain advocate and also co-founded the blockchain start-up LUXTAG.

Meanwhile, Wong is an Malaysian entrepreneur who resigned from NEM in 2018. He then founded blockchain companies Dragonfly Fintech and ProximaX.

The NEM cryptocurrency

Instead of proof-of-work (PoW) or proof-of-stake (PoS), NEM uses its own proof-of-importance consensus mechanism. This uses a process called harvesting to create new blocks on its network.

Its native cryptocurrency, XEM, powers this process as it rewards validator nodes, depending on the amount of tokens staked.

As of 29 September, XEM was ranked 90th out of all cryptocurrencies by its market capitalisation of $374m.

Bankruptcy scares for NEM

The XEM cryptocurrency launched on 1 April 2015 at $0.0004 and its price remained relatively flat for the first two years.

After its price began to uptrend starting in April 2017, its biggest breakout to date came in early 2018, where it seemed to have profited from the wider industry’s bull run. It rocketed to its all-time high of $2.09 on 4 January that year.

But it soon plummeted and, despite a daily high of $0.45 on 25 April, it closed the year at a little over $0.06. This was then followed by bankruptcy scares in 2019.

SOL/USD

178.55 Price
-2.140% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.61 Price
+1.830% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,430.66 Price
-1.550% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.14 Price
-2.040% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

A financial audit, completed on 1 January 2019, found that the company was running low on funds in both XEM and fiat currencies. There was only one month’s of operational funding in its reserves. Its CoinMarketCap page said:

“In January 2019, when the company was in financial turmoil, the Foundation requested 160 million XEM to be drawn from the marketing funds.”

It also saw a restructuring of the NEM Foundation management and budget.

Recent XEM price history  

The XEM cryptocurrency’s next rally surfaced at the end of 2020 and beginning of 2021. This was on the lead up to the launch of NEM’s new blockchain, which was titled Symbol. The purpose of this was to continue delivering high-end blockchain solutions to businesses.

XEM reached a high of $0.77 on 2 March. But just like its rally in 2018, these gains soon plateaued, and it corrected below $0.20 in June. It continued to fall throughout the year and into 2022 as it proved vulnerable to the crypto winter.

At the time of writing, on 29 September, it has seen a short-term rally and it was trading at $0.04, up 3% in the past seven days. However, it is still reeling from the bear market as it was down 9% over the past 30 days and 67% year-to-date.

Nem price prediction round-up

Forecasters’ approach to the XEM price prediction was divided, at the time of writing.

CoinCodex said there was a bearish sentiment with the fear and greed index showing “extreme fear”. Out of 28 technical indicators, 17 were signalling “sell”. Its nem price prediction for 2022 said there could have been a 9% drop to $0.03 on 28 October.

On the other hand, PricePrediction expected a gradual rise for the cryptocurrency. It suggested it could have reached an average price of $0.046 this year and $0.14 for 2025. Its nem price prediction for 2030 said it could have achieved $0.85.

A similar prediction was given by DigitalCoinPrice, which suggested it could have averaged $0.042 this year. Its nem price prediction for 2025 anticipated that it could have risen to $0.17 and then could have achieved $0.79 in 2031.

The nem crypto price prediction from TechNewsLeader said it could have gone on to $0.09 in a year and $0.29 in 2026. In ten years’ time, it was estimated that XEM could have achieved $1.84.

When considering a nem coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.

FAQs

Is nem a good investment?

NEM is an organisation that offers businesses programming interfaces and other architecture to kickstart their blockchain presence. However, its XEM cryptocurrency, which powers the blockchain, has been on a bearish trend.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the XEM token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Will nem go up or down?

It depends on who you ask. CoinCodex has anticipated a 9% drop this month, whereas DigitalCoinPrice suggested a steady rise for XEM.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether nem is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Should I invest in nem?

Whether you should invest in nem is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.

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