NEM [XEM], is the only token out of the top 200 coins to show a 44% increase this past week. Every hour for the past 4 hours NEM has been gaining a steady 1.2%, taking it from number 11 to number 9 on coinmarket cap in no time.
The ranking is based on the current market cap of the token which is a multiplication of the current price and amount of token in circulation. The current market cap of NEM is $2.8 billion with a circulating supply of approximately 9 billion.
Earlier we had published the possibility of Coincheck’s refund the possible reason of NEM surging this past week. A month ago when Coincheck decided to refund the 260,000 users their stolen NEM in Yen, the prices had just begun to drop. On March 8th, NEM went back to trading at early December prices at $0.28 and now has bounced back to trading at $0.48 to a token.
Analysts say the completion of Coincheck’s refund just a couple of days ago might be one of the reasons for propulsion of prices. Denny Tan, a day trader and a cryptocurrency fanatic says,
“It is nice to see at least something going against what the entire market is doing. It was boring to see the entire market going down the moment Bitcoin goes down.”
Imran Rahman, a cryptocurrency investor from Lahore says,
“Lol.. people are getting excited. Remember, the all-time high was somewhere at 2 dollars so the current price is still crap compared to that [all-time high].”
Brad Norris, a market analyst from Dublin says,
“The momentum is great but buyer are getting tired, should see it hit a $0.6 and then run out of steam and expect a pullback before another small bull run. Enjoying this moonride though!”
Felix Fritz, a Bitcoin miner from Glendale replying to fellow investors who earlier called NEM a ‘scam’ says,
“Everyone is silent now. Shit faces can’t even comment now. NEM was a sleeping giant and remember when something keeps dropping so aggressively like it did last month, it is natural that it will come back up.”
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